Covenant Risk Advisors

While traditional insurance is one vehicle for managing risk, many options exist in alternative risk financing markets.
Your organization may benefit by assuming more risk directly, instituting new risk financing methods, implementing better management controls, forming a captive or risk sharing pool, or purchasing or selling certain liabilities.

Using third-party administrators (TPAs) to outsource claims-handling and administration services for self-insured insurance programs can improve efficiency, allow access to superior claims management expertise, and provide cost savings.
However, the financial and operational responsibility of self-insured exposures remains with your organization necessitating systematic oversight of TPA performance.
Supporting overall risk management through integrated claims management and effective communication.

Construction projects involve a host of tough decisions, not the least of which is the choice of an appropriate insurance program.
The traditional method for insuring construction projects consists of each general contractor and sub- contractor securing their own insurance policies, however depending on the project circumstances, an owner or managing contractor controlled insurance program (OCIP / CCIP) may be a preferable alternative.
Controlled Insurance Programs (CIPs) are provided by the Owner or Managing Contractor for the duration of the construction or renovation project and consolidate all eligible contractors and sub-contractors in a single "wrap-up" insurance program.

Auditing risk management and insurance programs allows for point-in-time analysis of exposures, services, program design and implementation to assess whether assets are appropriately and cost effectively protected.
Our evaluation considers insurance market conditions, relevant peer groups and managements' tolerance for risk in order to identify opportunities for program improvements.
Examining vender relationships - insurers / re-insurers, brokers, claims / loss control administrators.

The management of risk data and information is critical to the success of any risk management program regardless of size or industry sector.
Risk management information systems (RMIS) provide support for effective risk identification, risk control, and risk financing by enabling the consolidation, organization, analysis, and dissemination of information from multiple sources.
Typical RMIS programs allow for storage and report generation for key data related to insurance coverage, claims, asset schedules, exposure information, policy information, evidence of third-party coverage, vital contacts, actuarial information, trending and benchmarking data, and general administration.