Liga Asuransi – To get the best insurance coverage, insurance companies need complete information about the real condition of the insured assets.
The best way to get this information is to carry out a direct survey of the location of the insured object by a risk surveyor or better known as a risk surveyor.
The report produced by the risk surveyor will determine whether the assets to be insured can be accepted or rejected by the insurance company. The survey results can also determine the extent of coverage, the amount of insurance premiums and certain conditions that will be provided by the insurance company.
Good quality survey results are those that meet the Health and Safety Environment (HSE) standards that apply in a particular industry.
To find out more about the risk survey, we will explain it further. We hope that this article will help all parties so that the quality of the survey results improves and is profitable for the insured and insurer.
What Does an Insurance Surveyor Do?
Insurance risk surveys can be categorized into three areas:
- Liability (or accident) surveys primarily look at health & safety issues that may be affected by your business operations.
- Property surveys concentrate on possible fire and safety issues.
- The Business Disruption Survey looks at how disasters can affect your business, how you can deal with them, and how you can recover to trade successfully again.
In some cases, surveys may combine all three at once.
An insurance risk surveyor will carry out surveys, collate and assess risk information on site, record assessments, collect photographic evidence and prepare detailed reports.
During the survey, they can advise on any opportunities to reduce the risk of future insurance claims. They will also make recommendations to the underwriter about necessary improvements.
What Insurance Risk Surveyors Look for
Four very common insurance risks seen by insurance surveyors are:
- Fire and hazards – examine plans, construction and fire protection systems to assess risks to the building and its contents.
- Accidents and Liability – assess possible risks to employees, customers and visitors to the building or site.
- Engineering insurance – surveying mechanical and industrial plants, machinery and equipment for faults and risks.
- Theft and Burglary – inspecting business premises to check security and storage methods.
What Should You Do For an Insurance Risk Survey?
Make sure you are available at the agreed time and provide space for the surveyor to sit and ask questions. Tea or coffee and some biscuits would likely be well received too.
An insurance risk surveyor will want to see all relevant documents. Gather them all together and take a few minutes to get used to them before they arrive.
For liability surveys, this will likely include your health and safety policies, risk assessments and training records.
Alarm specifications and any security contracts will be required for the property survey.
And a business interruption survey will require a copy of your business continuity (disaster recovery) plan.
Surveyors will want to walk around the site, partly to familiarize themselves with the business and also to identify areas that may need attention. They may take photos while doing this.
It’s helpful to have someone who has the power to make things happen. In many cases, you may be able to address the requirements directly and avoid including them in the report. It also shows that you take the process seriously.
This is your chance to highlight the good points of your business, especially if they relate to the topic at hand. And it goes without saying that all your answers must be based on facts.
What Could Happen Next?
The surveyor’s report is likely to give you a list of requirements and recommendations.
Insurance Risk Report Requirements
This must be done, is often a legal requirement, where non-compliance may result in a reduction or removal of cover by your insurer. You will be given a timeframe to comply.
Insurance Risk Report Recommendations
These are designed to comply with best practices but are usually not followed through.
If housekeeping and compliance standards are good, they may do nothing.
Keep in mind that risk surveyor insurers have probably seen it all before, so don’t be afraid to ask questions. Most will be happy to give you the benefit of their experience.
High Risk Insurance Survey
Some sectors are considered to have a higher level of risk than others.
While retail and recreational businesses may have lower risk, as do their stores, they also have some higher risk sites.
National distribution warehouses likely contain thousands, if not hundreds of thousands, worth of stock. In this case, complying with insurance coverage is essential.
Additionally, larger properties such as hotels and some nursing homes are seen as higher risk by insurance companies because the people they contain are worth more than shares.
Because of these risks, surveyors will inspect the premises from time to time, often annually or biannually, and sometimes, if the estate is large, this can happen randomly.
Fortunately, at TPG we are experienced in all aspects of insurance risk surveys and can carry out the required work identified.
Our qualified building surveyors help our clients decide the best course of action to comply with before our building and facilities team undertakes the work to ensure compliance.
Apart from carrying out the best insurance survey by carrying out the risk recommendations submitted by the surveyor, the next step to get the best insurance guarantee is to always use the services insurance broker.
With all his abilities and expertise insurance broker will use the survey results to negotiate with several insurance companies to obtain the best insurance terms and conditions, including negotiating premium rates
Furthermore insurance broker will help the client to always carry out the recommendations given by the risk surveyor so that the insurance guarantee is in full effect and no requirements are missed.
For all your insurance needs, contact L&G Insurance Broker Now!
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