Transferring Risk Regardless of Industry

When insurance professionals counsel their respective clients on transferring risk, two topics are generally discussed first. To begin with, the insurance brokerage community loves to discuss the proper insurance portfolio design to consider. Second, most insureds want to know how to maximize the transfer of risk from their balance sheet to the insurance company’s balance sheet at the most efficient cost. While these are certainly two worthwhile endeavors, one very important step must come first before these two topics are broached.

Whether your company is on top of the risk transfer hierarchy or near the bottom, companies need to be cognizant of the contracts that they sign with 3^rd parties. This is the keystone where risk is either accepted or transferred. The starting point for all worthwhile conversations and analysis of risk needs to start here.

Understanding the consequences of indemnifications, additional insured status, insurance requirements and other risk transfer techniques is the foundation of which Johnson, Kendall & Johnson is built. Our insurance professionals understand the nuances of an effective risk transfer program. We welcome the opportunity to discuss this with you.

Author: Kevin Dougher, Vice President

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