The Effect Of Standards On Your Insurance/Risk Management Program
The Association’s Standards Awareness Council is pleased to offer a presentation in the interest of Safety and Liability Prevention, through the use of applicable safety standards, during the St. Louis Fall Convention, on Wednesday, October 26 from 1:00-2:30 p.m. in Regency E.
One of the jobs of your insurance carrier is to match rate to risk. In a broad sense lower risk through safety efforts theoretically results in lower rate and cost of insurance. This session will present and discuss the following issues:
- What does an insurance agent/broker do when marketing products liability insurance to an insurance carrier?
- How does this process impact the ultimate insurance program options available? Cost, Retentions/Deductibles, Market Availability & Desirability
- Generic Issues: Management support from the top down, Communication internally, Safety Programs in place
- When a products liability claims happen: Having good records and good product information sheets can help avoid the old “You didn’t tell me!”
- Insurance Market Dynamics: Flight to quality — both risk and financial, Concept of “filling the bucket” for potential product liability claims.
- Real life examples: What people can do with your product? I.e.; “Stupid is as stupid does.”