BIDS/CONTRACTS/PROJECTS
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Bid review with particular emphasis on pricing, obtain various premium quotes from Brokers and provide same to Proposal for bid input.
Identify problem areas in any particular contract/policy, pursue insured-perils with CIRM/Brokers and keep advised PMT/Contract the relevant solutions.
Contractual reviews with particular emphasis on binding different type of coverage for awarded projects in close coordination with Contracts & various PMTs.
Review/appraise scope of work related to projects, extract and develop underwriting information with special emphasis on risk exposure for Brokers to help achieve low loss exposure discount on premium ratings and obtain agreement for premium installments.
Send 'Bind Coverage Requests' to bind the required coverage (BAR, CGL, etc) with a Request for relevant Certificates of Insurance.
Summarize contractual conditions on the 'CIRM Approval Form' for obtaining CIRM approval for naming, waiving Client on corporate policies and approval for using either corporate or project specific CGL policy for projects.
Constant interfacing with various Department Managers and provide required input on policy matters.
Review Clients' BAR/TPL policies to ensure that it meets contractual obligations of the Client and send review comments to the PMTs.
Ensure project booking/accrual of premium is done correctly in close coordination with Project
Financial Accountant.
CLAIMS:
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Claims handling (WC/Cargo/Auto TPL/H&M/CE/BAR) in close coordination with Operations/PMT/HR/Medical/Traffic, CIRM, Insurer's damage surveyor/loss adjuster/Brokers to maximize claim recovery.
Wrap up claims with meanigful 'overview' with the help of concerned departments and obtain proper substatiations for claim costs and submit claim to Underwriter's Loss Adjusters with a copy to CIRM and Brokers.
Book claim amount in the insurance job opened in the accounting system to capture all related claim costs, credit claim proceeds as and when received from Brokers and on final recovery of claim amount advice Financial Accounting to close the insurance job.
POLICIES:
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At the time of corporate policy renewal, upon request from CIRM, obtain from Operations renewal information on Hull, Contractor's Equipment and Property etc. and transmit same to CIRM.
Allocation of prepaid renewal premium to different accounting cost centers and ensure monthly amortization.
SUBCONTRACTS/VESSELS CHARTER:
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Provide input to Subcontracts Department on the specific insurance requirements for specific Subcontract/Charters.
Review subcontract insurance policies/certificates of insurance to ensure that they are in comlpliance with the contractual requirements.
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