Insurance Gap Analysis

By providing our clients and/or potential clients with an Insurance Gap Analysis, we are able to identify potential areas where companies may be under-insured, as well as areas to strengthen their Insurance & Risk Management program.

There is a common misconception that all insurance companies provide the exact same coverage and wordings. Many insurance companies operate off of a “standardized” wording, but the endorsements, exclusions, etc. can vary greatly from one Insurer to the next. Our team is well versed in the various nuances of the wordings of insurance companies, and can help identify potential areas where a company may believe they have coverage, but the wording does not support their belief.

When we provide an insurance gap analysis, we will review all of the current policy documentation, including:

– Insurance Coverage’s and Limits

– Endorsements

– Exclusions

– Manuscript Wordings

– Valuation Clauses

– Schedules (Inland Marine/Contractors Equipment, Vehicles, Locations)

By looking at the specifics of the insurance policies, we are able to help companies understand how their policies may be interpreted in the event of a claim, as well as to identify key areas we feel the client is under-insured, or not meeting requirements of their Contracts/M.S.A’s.

Insurance policies are not an “off the shelf” product, and they should be developed in a manner that meets the unique needs of each company.