Every organization is exposed to various risks. While pure risks are handled as operational and safety issues by professionals, finance personnel have to address the risks arising out of failure of above operational and safety measures. Sometimes the interface issues between technical and financial operating systems remain unaddressed. An exercise on Risk Management and Insurance Planning is required for any organization to review their risk management strategies and to opt for risk transfer measures like availing insurance cover etc.

Considering the problems arising out of compartmentation of activities of any organization, an unbiased study by an external agency on technical risk management measures adopted and insurance practices followed will help the management of the organization to manage the risk effectively and profitably.

CMSRSL has a team of risk management and insurance planning experts with a wide experience of each having over 17 years in the relevant area. The team members have carried out similar studies for organizations belonging to various sectors like fertilizer manufacturing, power plants, mines etc and helped the managements of those organizations to manage their risks effectively and profitably. The suggestions made by the team are technically possible and practically viable.

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Risk Management and Insurance Planning Study

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Risk Management and Insurance Planning Study

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Risk Management and Insurance Planning is required for any organization to review their risk management strategies and to opt for risk transfer measures like availing insurance cover etc

An unbiased study by an external agency on technical risk management measures adopted and insurance practices followed will help the management of the organization to manage the risk effectively and profitably

Objectives

To carry out a systematic, critical appraisal of all potential risks involving personnel, plant, services and operations (risk identification, assessment and control)
To review the insurance coverage and to identify areas of coverage to optimize the risk exposure

Scope of the Risk Management and Insurance Planning Study

The scope of the study will include the following:

Identification of all major internal and external pure risks including the natural risks and analysis of the impact of above risks
Review of existing risk control measures and offering comments
Scrutiny of all existing major insurance policies in respect of:
Rationalization of basic rate of premium and widening of covers
Applicability / eligibility of discounts in premium
Application of suitable clauses, warranties and conditions
Identification of possible areas for refund of premium and suggestions regarding procedure for the same
Selection of insurance coverage on the basis of risk analysis
Providing guidelines for fixation of sum insured and illustrate the same on a selected equipment
Evaluation of business interruption exposure due to identified risks
Providing guidelines on documentation requirements, procedures for claims under various policies

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Risk Management Study for Machine breakdown and Loss of prof

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he result of even a single machinery breakdown in an industry has a huge impact on the production process and the business as a whole. Not to mention tangible costs such as that for machinery replacements, the industry faces intangible expenses like the loss of a client, customer dissatisfaction etc.

CMSRSL has conducted risk management studies for the manufacturing industry assessing the risks associated with each machinery, its downtime, losses that would be incurred over a time period and risk financing strategies.

Our Typical Scope of work includes the following:

To study the loss potential of machinery breakdown and their impact on business interruption
to identify the critical machinery for insurance purposes and their interdependence
to identify the stand by machinery and availability of spares for the machinery
to assess the potential and probability of failure of critical machinery based on age, maintenance practices, past experience etc
to comment/suggest on the adequacy of coverage and indemnity period in case MLOP is required
to study the existing covers and review the same
cost benefit analysis for taking MLOP cover considering the alternate options available

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Risk Inspection Survey

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CMSRS carries out risk inspection surveys (from underwriting perspective with emphasis on safety and risk management) on behalf of Cholamandalam MS General Insurance Company Limited. Highlights of such risk inspection surveys include:

- Risk Inspection Survey Reports conforming to Tariff Advisory
Committee guidelines

- Inspection carried out by experienced engineers

- Collection of information related to previous major losses

- Suggest risk improvement / loss mitigation measures

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