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Tag: Risk management

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 …

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 …

PREPARING FOR WEATHER EVENTS

When we decided to include Weather Event Preparation as a Dealership topic, we thought about the timing.  When do we talk about Weather Events?   Certainly, late spring is the best time to talk about preparing for Hurricanes.  Late winter/early spring is always a good time to prepare for Hail discussions.  And, fall is the …

BEWARE THE BEAST

Auto Dealers are a unique breed of entrepreneur. They are successful, creative, generous, and a vital part of their communities. To the general public, Dealers sell and service vehicles.  To the Dealer community, the sale and service of vehicles is only a part of the operation.  For successful Dealers, a substantial portion of their income …