Insurance Audit And Work Product Options Services
An insurance audit provides the policyholder and its external professional counselors with a complete picture of the available insurance coverage. It takes into account items impairing the integrity of the insurance asset such as insurer insolvency or prior settlements.
A full audit has three main components:
- Master policy File (MPF) - The MPF comprises all information amassed for each policy. Most clients now prefer to have the MPF available electronically and we routinely scan the policy evidence into digital files in portable document format (pdf).
- Graphic Coverage Chart - The Coverage chart is generally a bar chart depicting the coverage configuration (primary and excess layers by limits of liability (y axis) and policy period (x axis)) and available documentary evidence. The charts can also be tailored to reflect the coverage that may be afforded for any type of latent injury claim. (See also case studies) If a specific coverage issue in a particular jurisdiction is your concern the coverage chart can be adapted to show pertinent policy provisions.
- Policy by Policy Analysis - Each policy, broking slip, certificate, cover note or other insurance instrument is reviewed together with any other supporting evidence. The product of the analysis is a report prepared (using one or more of our work product options) according to the factual situation faced by our client. It is a flexible tool and is interactive with other applications such as the Coverage Chart and Master Policy File.