TaveRM collaborates with you to clearly set the goals of your risk management program. We complete a thorough review of your current program structure. In addition, our team will:
- Examine national market conditions as well as international factors that can impact your business.
- Identify options for your insurance program as well as risk financing alternatives.
- Conduct enterprise risk management analysis to ensure you are protected.
- Provide the most competitive pricing and coverage terms available using our access to hundreds of insurance carriers.
TaveRM manages all aspects of your account, delivering superior customer service at each step of the insurance process. Our insurance proposal clearly shows the insurers' terms and conditions as well as security requirements. We review the plan with you carefully, answering questions and addressing any concerns you have. After you approve the plan, TaveRM:
- Binds the insurance coverage with the insurers.
- Issues the Certificates of Insurance and your auto ID cards.
- Prepares the schedules of insurance.
As part of our full-service approach, TaveRM reviews and processes audits and, if needed, requests correcting endorsements from the insurers. We help you assess the overall financial impact by assisting with budgeting and premium allocation. Finally, TaveRM continues to earn your business by regularly reviewing your program. If you've experienced changes in your operations that impact risk, we quickly modify your plan to reflect your needs.
TaveRM's customer service does not end when the insurance policy is issued. We continue to be your partner when you experience a loss. Our team fully manages the claim process, developing strategies and action steps to resolve the claim.
Knowing that communication is key, TaveRM reports all claims to your insurers immediately. We correspond regularly with the carrier to confirm that claim handling complies with previously negotiated terms and meets our timeline for prompt resolution.
You benefit from the wide scope of our expertise that includes worker's compensation, general liability, auto and property damage, business interruption, product liability, and marine liability. Our team works to provide quality customer service through:
- Strategic advice on carrier's coverage positions
- TaveRM coordinated and managed claims reviews and audits
- Consistent communication on critical claim developments
- Payment, Expense, and Reserve payment monitoring of all liability issues
- Negotiating with claims staff, underwriters, and counsel for the best possible coverage resolution
- Advocacy during renewal and underwriting process to better explain any adverse claims development
- Taking charge of the claims process from claim reporting through claim resolution
The best approach to avoid claims is to implement a quality loss prevention program. TaveRM helps you incorporate all elements of loss prevention, risk control, and risk management into your business operations.
Our team works to mitigate your risk with a number of processes designed to impact specific areas in which your exposures reside. Your business benefits from TaveRM's various loss prevention services:
- OSHA standards practices
- Worker safety programs
- Ergonomic evaluations
- Claims history analysis
- After-hours claims service availability and accident investigation support
- Safety program audits
Tave RM understands and shares your goals as we strive for the utmost safety of your staff and guests, your property, and all aspects of your operations.
$5 billion+ real estate portfolio with $8 million in property premium was faced with a choice of increasing costs or reducing coverage and limits. TaveRM structured a more stable program, reducing premium while maintaining a high level of coverage.
- National Real Estate Portfolio
- Total Insured Values of $5,000,000,000+
- 40% of properties are habitational or multi-family exposure
- Reduce premium to a more manageable level
- Provide a multi-year program with rate guarantees
- Instill stability by including a panel of Bermuda/London/European and U.S.-based markets
Challenge: Client was facing premiums in excess of $8 million annually, making it difficult to competitively bid for new properties. In order to reduce costs, client was reducing limits and non-renewing some key coverages.
Business Solution: Tave Risk Management worked with the client properties to better define construction, occupancy, protection, and exposure information - refining secondary characteristics of each location. We closely reviewed locations in "catastrophic" areas, such as California, Florida, and Tier 1 in Texas to be certain that Quake and Flood Zones were accurately stated.
Working with over a hundred markets in the US, Europe, London and Bermuda, we crafted a very competitive and stable insurance program reflecting our clients' conservative risk appetite.
Results: We secured premium savings of over $1 million on the program. Design improvements including a multi-year rate cap agreement and worldwide insurer participation were used to create a stable long-term program that was very responsive to the clients' needs.
International firm having $3.5 billion in sales had incurred mass tort litigation due to asbestos and environmental exposures held by acquired entities. TaveRM managed these claims exposures while successfully negotiating coverage with past insurers.
- Global Manufacturing Business
- Active in mergers and acquisitions
- Total revenue of $3,500,000,000
- Manage client's mass tort litigation and claims reporting
- Negotiate insurance coverage for exposures
- Oversee and monitor cost sharing arrangements with insurers
Challenge: Large global manufacturer had engaged in numerous acquisitions over the past 15 years. Some entities that they purchased had products with alleged asbestos and environmental exposures that could potentially harm the Corporation's financials.
Business Solution: TaveRM worked with the client to gather past records and insurance policies potentially providing coverage. We summarized historical insurance information and identified viable past insurers. Claims were notified to the insurers.
Partnering with the client's legal department and outside counsel, we negotiated cost sharing agreements with viable insurers. On an on-going basis, we monitor the payments required by each insurer in the cost-sharing agreements.
Results: A potentially volatile mass tort exposure has been controlled and largely funded with insurer dollars, saving our client significant costs.