Risk Management-Securing the Future
An effective risk management strategy involves developing, implementing and maintaining a daily practice that minimizes losses, drives down cost and protects the business as well as the general public from paying third party losses for which they had no involvement.
If all we did at Virgil McLagan Company was sell insurance, our answer to every problem facing our clients would be for them to purchase more insurance. We are unique because we make sure our clients completely understand that although the purchase of insurance for their business is extremely important, insurance should never be viewed as a risk management strategy that does any of the following:
1) prevents losses
2) absolves them of their legal duty to manage their losses daily
3) absolves them of their legal duty to ensure that all independent contractors they do business with are operating safely and maintaining commercial liability insurance for the duration of the contractual agreement
Question: Were you aware that the language on certificates of insurance and memorandums of insurance clearly state that both are not legal doccuments and do not extend additional insured protection or indemnification to the holder?
Question: Were you aware that certificates of insurance and memorandums of insurance clearly exclude the holder of all rights to notice of cancellation in the event of a policy cancellation?
Question: Has your company ever conducted a risk management audit to determine if your staff members or third-party administrator responsible for the process are in fact receiving the actual policy endorsements for notice of cancellation, commercial general liability, auto, loss payee and physical damage as required by your contractual agreements?
Staff members for our new division McLagan Risk Management, LLC have extensive work experience in insurance, shipping, warehousing, third party logistics and trucking industries and unlike other risk management firms our staff has actual work experience as insurance agents, contract managers, warehouse managers, third party logistics, fleet safety managers and claims investigators. We have a proven record when it comes to requesting and actually receiving all applicable insurance policy endorsements naming your company as "additional insured" as well as all applicable policy endorsements for notice of cancellation, modification or expiration of a policy.
Contact us to learn about how McLagan Risk Management, LLC could become an "Intrigal Part" of your companies risk management strategy. The attached links are industry specific and should be reviewed for further information.