Inspection of Records

overview;
service offering;
approach
benefits
next steps

Overview

The nature of a reinsurance treaty is such that the only method by which a reinsurer can be satisfied that the claims made by a reinsured are properly due and payable is to exercise its contractual right to inspect the reinsured's records.

Conducting an inspection of the cedant's records assists the reinsurer in the prevention, or at least mitigation, of problems in the future and increases the potential for stability for the reinsured/reinsurer relationship and the industry as a whole.

Service Offering

BCRM has extensive experience and high level expertise in the field of inspections. Previous assignments include the inspection of:

brokers (as cover holders);
companies.
composites;
run-off managers;
underwriting managing agencies;
various Lloyd's syndicates;

Approach

We approach each inspection in the same manner:

you make an approach to us to undertake an inspection;
information is obtained so that a quotation can be prepared;
the proposal is sent to you who accept or reject it;
assuming it is accepted, the relevant records are securely conveyed to us, or we attend the site where they are located;
the appropriate work is carried out and a report is prepared, depending on your requirements
a dialogue is maintained throughout the process as further instructions are usually required based on discovery of evidence;
the inspection is closed and original records are securely returned to you.

Benefits

The benefits of using a BCRM for inspection of records is that they are:

competent, having relevant experience and technical skills to perform inspections;
ale to display a past track record of undertaking such assignments;
continuously improving their services as they undertake Continuous Professional Development (CPD) and submit this to their relevant professional bodies;
experts at report writing and evidence presentation;

Next Steps

BCRM has a number of other service offering, these are listed here;
BCRM is committed to providing a consistently high value service to our Clients;
Sian Watson, who remains personally 'hands-on' throughout the process, manages this process.
to understand how the BCRM suite of offerings can be used to transform your business, please contact us
we look forward to discussing your specific requirements, at your convenience;
whatever other type of consultancy you require, we can possibly offer a free Health Check.