The insurance market has drastically changed over the last couple of years. The steps your organization takes to properly manage the risks you face could provide a safer environment for your members and program participants and as well as savings for you in insurance costs. Each year the coverage, claims, and risk management activities of your facility are evaluated. It is important that you keep your insurance carrier informed of your activities to ensure that your facilities and programming are as safe as possible.
The first thing to remember is that insurers of camps are participating in a market place much larger than just camps. Even if your insurance is with a camp specialist, broad market forces still affect your cost of risk. Significant premium increases are common in the industry because the insurance industry has been paying more in claims than it earns in premium. In the past investment yields have made up for the discrepancy but such is no longer true. Across-the-board increases have been seen even by market segments that have historically been profitable. Your insurance provider needs evidence of active risk management practices to provide you with the best rates. Additionally, camps have characteristics that many reinsurance carriers are reluctant to cover, e.g., childcare, transportation, and aquatics. Following are areas you should consider in your pursuit of reduced cost of risk… your insurance carrier does.
Every insurer offers varying degrees of service…taking advantage of them may reduce your risk and will demonstrate your interest in safety. The Redwoods Group offers many types of consulting and training opportunities. Please contact your risk/account manager or our web site.
Communicate with your insurer concerning any recommendations that you receive…provide completion dates (actual or planned) and any special circumstances if you expect a delay. Voice any questions or concerns when the recommendation is first discussed with you.
If you are insured by the Redwoods Group, all incidents (not just those from which you anticipate a claim) should be reported in a timely fashion. Our history clearly demonstrates that early reporting and follow-up increases member satisfaction and significantly reduces the possibility of litigation and the ultimate cost of any claim that may arise from the incident.
Inform your risk manager of any new initiatives, programs, or outside vendors that you employ or that you are contemplating to keep people or property safer.
Are all your vehicles necessary? Can they be replaced with units that are less expensive to operate and/or insure? Can you viably outsource transportation?
Compare your camp to industry and insurer guidelines and determine how you are evaluated. With that knowledge, consider changes that may reduce your insurance costs.
Please call us at 800-463-8546 to discuss this or any other risk management safety tip, or visit our web site at www.redwoodsgroup.com to learn more about Camp risk management issues.