Risk Assessment & Insurance Coverage Audits
The risk management process is designed to identify and analyze potential risks that may affect your organization, government, or community.
Tidal Basin Group’s risk management and insurance consulting services assist you in identifying, analyzing, controlling, financing, and implementing the most cost-effective solutions that maximize opportunity for effective protection of all assets.
Tidal Basin does not sell insurance and is not affiliated with any insurance provider, therefore our team of experts is uniquely qualified to provide truly independent consulting services.
- Insurance Program Audit
- Self-Insurance Analysis
- Insurance Replacement Cost Valuation
- Certificate of Insurance Program – Management
- Outsourced Risk Management Department
- Producer (Agent/Broker) Selection Assistance
- Third-Party Claim Administration Selection Assistance
- Merger & Acquisition Due Diligence Consulting
- Lease & Contract Review for Risk Management
- Risk Management Information System (RMIS) – Selection Assistance
Development Of Independent Specifications For Insurance Placement Including Valuations Of Property
Typically, an insurance broker will send the insured a set of applications to be completed, and then market their insurance program. When an insurance renewal is completed in this way, it becomes a noticeably passive process wherein little effort is given to identification and analysis of the exposure to loss and the impact on the organization.
Tidal Basin takes an active role assisting our clients in the insurance renewal process by taking the time create a set of independently drafted insurance renewal specifications. This process also gives guidance to our clients' insurance broker(s) and the insurance underwriter(s) a clear understanding of what you, the insured, desires to cover and what alternative quotes you would like to examine.
What is Building Replacement Cost?
Replacement cost is the actual cost to replace a building or structure at its pre-loss condition.
Is there a difference between New Construction Cost and Replacement Cost Construction?
Typically, Replacement Cost Construction is more costly than New Construction, and can be 15% more expensive than New Construction.
Administration of Certificate Programs
Certificate of Insurance tracking is the process of proving compliance with insurance requirements either to a third party. Via the contracting process our clients are that third party. Our clients enter into contracts with other firms wherein there are requirements by the other firms to acquire and prove that they have certain insurance coverages in place to protect our client from the acts caused by the other party to the contract.
Our process involves identifying those third-party insurance related requirements, then setting up a system for receiving, reviewing, approving or disapproving, reporting and monitoring contract compliance.
What is a Certificate of Insurance?
A Certificate of Insurance is a document acknowledging that an insurance policy has been written, and serves as a snapshot in time reflecting insurance policy coverages and limits as of the date it was issued by the properly authorized party.
What is not a Certificate of Insurance?
A Certificate of Insurance is not a contract itself, and not designed to change any of the terms or conditions of the insurance policy that it describes. It is also not designed to create any coverage that is not already part of the insurance contract.
Cost SavingsWe evaluate and implement your customize protection plan to protect all assets.
Less PaperWe utilize state-of-the-art tools and software to accurately collect, organize, and store your data for planning and relief.
Increase ProductivityWe help you recognize your organization or community’s strengths and vulnerabilities to help structure an optimal disaster preparedness plan.
Risk MitigationPotential hazards identified and addressed now can prove immeasurably beneficial in the long term.
Expert Witness & Litigation Support Services
- Producer (Agent) Standard of Care
- Premium Auditing
- Industry Practices
- Claim Handling Practices
- Underwriting Practices
- Insurance Contract Language Development
- Liability Policies
- Life Insurance
- Third Party Administration Practices
- Captive Insurance
- Employee Benefits
- Surplus Lines
- FEMA Insurance Requirements
Enterprise Risk Management
Tidal Basin takes a comprehensive approach to risk management that includes a review of all risks affecting the strategic objectives of an organization. Tidal Basin will work collaboratively with senior management to employ Enterprise Risk Management techniques that support and meet corporate strategic goals.
Definition, Identification & AnalysisDefinition, identification, and analysis of all entity risk (financial, operational, hazard, governance, compliance, reputational, and strategic).
Examination, Selection & IntegrationExamination, selection, and integration of appropriate risk management procedures.
Implementation & MonitoringImplementation and monitoring of the entity’s risk options.
Cross-Functional Risk TeamSet up to identify suitable functional leaders for interview and analysis.
Enterprise-Wide Risk AssessmentMeasure and define the frequency, severity, and detectability potential of each risk, assigning a risk score; identify existing pre-loss and post-loss mitigation strategies to reduce loss potential; Establish a monitoring and/or ongoing systematic review of the risks and mitigation strategies as they develop.
PrioritizeThe critical risks and major opportunities that currently exist or that may emerge in the future.
Establish Risk/Reward ParametersGuidelines for daily decision making and for setting ranges of authority.
Establish an “Uncertainty Awareness” CultureThroughout the organization and integrate uncertainty management into strategic planning, major organizational initiatives, and key systems.
Develop Action PlansBest practices with adaptive decision making to optimize organizational performance to reduce uncertainty.
Assign "Risk Owners"To each risk for monitoring/developing the risk.
Measure "Post Mitigation" Risk ScoresIf the opportunities for further mitigation were to be developed, this is to identify the activities that have the most meaningful impact in mitigating risk and to potentially budget for capital expenditures.
Identifying Unknown Risks
Active Risk Management
Strategic Management Supplement
Compliance with SEC Requirements
The 2004 hurricane season was a difficult one for Lee County in Southwest Florida. We were fortunate, indeed, to have retained your firm to process FEMA claims following Hurricane Charley. Especially effective was the coordinated approach you used in seeking financial relief from separate sources such as FEMA, FHWA, NRCS and insurance. ...The knowledge needed to deal with FEMA regulations is mind-boggling. It was obvious you and your team are very much up to speed with these regulations, procedures and processes.Without hesitation, we would recommend you and your firm to anyone faced with the task of processing large and/or complex loss claims in a disaster environment. Your firm's ability to bring together the right team of professionals at the right time resulted in the creation of a superior product. Your thoroughness, knowledge, attention to detail, and logical approach provided us with the assurance that we would obtain the maximum reimbursement from all eligible sources.
We had initially thought we would be able to assess the damage and work with FEMA and our insurance carrier's adjusters by ourselves. It quickly became evident that we were going to need help. We realized we did not have the personnel, time or expertise it was going to take to deal with complex governmental regulations and equally complex insurance and adjusting issues, especially when it was taking all the resources we had just to get essential county services up and running again. ... your organization really came to the rescue. You delivered what you promised, and that counts for everything down here in South East Texas.
Adjusters International’s involvement helped reverse FEMA’s original denial of funding to full reimbursement for the repairs. In the end, Adjusters International’s determination of eligibility allowed the applicant to secure over $14 million in FEMA recovery funding for the facility.
A lack of adequate resources caused the situation to unfold the way it did in Slidell. Due to overburdened FEMA officials and insurance company adjusters, a number of projects were overlooked or underestimated.
- Port Arthur International Public Port, Texas
- Cedar Rapids Community School District, Iowa
- Reno-Tahoe International Airport, Nevada
- Guam Power Authority, Guam
- Waveland-Bay St. Louis School District, Mississippi
- Larimer County, Colorado
- Austin Indepedent School District, Texas
- Port Authority of New Orleans, Louisiana
- 1391-DR 9-11-01 September 11, 2001
- FEMA/Risk Management Consulting
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