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
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.
Months after the storm passed, the County was still faced with tremendous burdens related to the insurance coverage issues and FEMA and MEMA eligibility issues. Jackson County hired your organization to provide professional services for disaster assistance, remediation, restoration and recovery efforts....Their expertise with governmental regulations, the complex FEMA process and insurance adjustments resulted in our successful claim for over $2 million in additional FEMA Public Assistance funding specifically; in our successful negotiations with our insurance carrier; and in numerous other increases in the values FEMA and MEMA initially designated for County projects. Jackson County will always be mindful of the help we received from you when we needed it most.
Severe storms dumped massive amounts of rain in he Southern Tier of New York State in the summer of 2006, resulting in widespread flooding.
When Hurricane Katrina struck, bringing with it widespread flooding and damage, the City of Slidell took the brunt of the storm. Located just 30 miles north of New Orleans, the two cities were both hit full-force by the destructive power of the hurricane. Unfortunately for Slidell, the nation first focused on the recovery of New Orleans. The City of Slidell didn't begin its recovery operations under Adjusters International had been hired, bringing the expertise required to turn the recovery process around.
- 1650-DR-NY Severe Storms and Flooding
- Ward County, North Dakota
- Port of Houston Authority, Texas
- City of Little Rock, Arkansas
- Commonwealth of Virginia
- 1710-DR-NY Severe Storms and Flooding
- Chatham County, Georgia
- Washoe County, Nevada
- City of Slidell, Louisiana
- City of San Francisco, California
Call us at 703.683.8551 or fill out the form below: