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DEVELOPING YOUR RISK MANAGEMENT TEAM

Developing a solid Risk Management Team may be easier than you think. Sure, you can hire a qualified Risk Manager at a 6-figure salary, but that may not be necessary.  Take a look at your existing Dealership Team for help:  Chief Financial Officer, Operations Manager, General Manager, CPA and your Attorney.  Together with you (the …

UNDERSTANDING CLAIMS TRENDS AND LOSS PICKS

A good Risk Manager can predict, with a great degree of certainty, the number of incidents and the total claims amount a Dealership will incur in a given year. Now, he or she is not a soothsayer or prophet…they have merely analyzed the historical claims information and, given no appreciable changes in the Dealership management …

WHAT FACTORS MAKE PREMIUMS FLUCTUATE

As we have discussed previously, the main premium driver for individual risks is claims. Hands down, this is the major element underwriters use in calculating insurance costs.  However, there are other factors that cause the variances we see in premiums.   You have heard that the insurance market is cyclic. This is certainly true.  There …

THE RELATIONSHIP BETWEEN CLAIMS AND PREMIUMS

As a young Account Executive with Universal Underwriters I got a taste of how garage premiums are truly developed.  I had worked the employee rating factors on an account and presented both the worksheet and the Loss History to my Division Underwriter for review.  “Let’s see,” he said.   Then he did something that surprised …

DEVELOPING THE CULTURE

The first quarter of the Garage Insurance 101 series was devoted to developing an understanding of the insurance industry: how underwriters work; and, identifying the elements that influence premiums. The second section will be devoted to controlling as many of those factors as possible.   Through the analysis we performed with the Dealership Loss History …