Risk Management Strategies To combat these issues, institutions should continue to promote their risk management efforts (policies, procedures, training, business continuity) to the insurance markets as part of their renewal strategy. There are segments of the market, including Cyber and Workers’ Compensation, that are highly competitive; marketing these coverages to ensure favorable results can help soften the impact of premium increases on General Liability and Excess Liability. Property Insurance Property insurance rates have stabilized compared to recent years; however, insurers are frequently pushing higher water damage and wind deductibles in certain geographies due to convective storm losses. Schools should continue to document upgrades to building systems, roofs, water detection and other mitigation strategies to drive favorable outcomes at renewal. Our Recommendations: › Implement and maintain robust risk management strategies. Promote these efforts to carriers to secure more favorable coverage outcomes. › Proper planning is critical to a successful renewal. School administrators should work with their broker to start the renewal process early, be strategic in the remarketing of accounts, budget accordingly and ensure that any changes (carrier, structure, deductibles) align with your operational goals and long-term risk financing strategy.
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