EFFECTIVE RISK MANAGEMENT
The process starts with seeking to understand and quantify the risk to all parties before, during, and after construction.
Utilizing project information and industry data, we can determine the types and amounts of insurance necessary to protect the parties and the work, and establish a preliminary budget. Within this framework, you are in the ideal position to evaluate and negotiate the best program, whether you go directly to insurance markets or avail yourself of coverage provided by others.
The ultimate portfolio of insurance will vary, depending on variables including the project participants, the operating environment, and the scope of work.
Every decision relies upon assumptions, and effective risk management demands continuous testing of those assumptions. With the risk management and insurance program in place, M.D. Hastings Risk Consulting can work with you to establish goals and measure performance, identify trends, and inform a proactive management process.
Let us help you transform your risk management strategy
Working with your inside and/or outside counsel, M.D. Hastings Risk Consulting will help you formulate and negotiate project-specific and boilerplate requirements relative to risk of loss, loss control and safety, indemnification, and insurance requirements that are appropriate to the risk, available in the market, and expressed in terms that can be easily understood and followed.
PRO FORMA RISK MANAGEMENT/INSURANCE BUDGET
Utilizing industry data and your project information, M.D. Hastings Risk Consulting will work with you to formulate a risk management and insurance budget that contemplates industry premium levels and loss costs appropriate to the project location and scope of work. By understanding the underlying cost structure, you are in position to evaluate and negotiate the optimum balance of risk management and insurance – whether you purchase coverage yourself or take advantage of programs offered by others.
CONTROLLED INSURANCE PROGRAMS
Controlled insurance programs are a valuable tool in the insurance portfolio of owners, developers and contractors with ongoing capital expenditures. While the market for controlled insurance programs is robust in most jurisdictions, many programs are possessed of needlessly complicated and inherently flawed bidding and administrative processes. M.D. Hastings Risk Consulting can work with you to establish appropriate coverage and processes to deliver best value to your projects.
TEAM BUILDING, MENTORING & TRAINING
Even the most sophisticated organizations often overlook insurance until the last minute, leaving their risk management team and/or their insurance brokers scrambling to comply with contractual requirements. With targeted training and outreach, M.D. Hastings Risk Consulting can tailor training and information to improve collaboration and teamwork, without distracting the operations team from the business of building.