There will be times when your business might benefit from high quality insurance and risk advice that is independent from your existing arrangements. For example:
- You or your existing insurance broker may have identified a conflict of interest that needs to be addressed; perhaps in relation to confidential contract negotiations between parties that engage the same insurance broker, or alternatively a major transaction, such as an acquisition;
- You may wish to receive a second opinion on an insurance or risk-related matter;
- You may have need of specific expertise or insurance market access that you are unable to obtain through your existing arrangements.
Some specific examples of where we can assist you follow.
Contract Risk Review and Negotiation
For larger and more complex transactions and ventures, Praden can assist with your contract reviews and negotiations, specifically as they relate to the insurance and indemnity provisions within the various agreements being drafted and negotiated. We can do this as a stand-alone adviser to you on insurance and indemnity matters, or as an adviser to your appointed legal representatives.
Major Tenders / Acquisitions / New Ventures
Risk and Opportunity go hand in hand, and it is not uncommon for a major new venture to have a material unforeseen impact on your existing risk profile (which may have flow on implications to your insurance protections, both from a coverage and cost standpoint). We can assist you to determine the likely impact of a major new venture (or other change in your business) on your risk profile and insurance protections, and can advise you on the best way forward.
The true test for any insurance product (and any appointed insurance adviser) is how it responds in the event of a claim. In the event of a claim being denied or not paid out in full, we can assist you and would welcome the opportunity to discuss your options. Whether it be a second opinion, or a formal appointment to challenge an insurer’s decision, your team at Praden can assist.
Please Contact Us if you would like to know more. We can formulate tailored project-specific service agreements with you, including (where necessary) fixed KPIs for agreed outcomes and objectives.