Policy Wording Review

Learn how effective the exact wording of your insurance policies really is.

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Chasing the ‘perfect’ insurance policy may be a pointless exercise, but drafting a more appropriate policy wording can safeguard you from future legal disputes and wasted premiums.

Testimonial(s)
“Initially we engaged TLP to undertake policy wording reviews, and then appointed them to manage a broker review on our
behalf. The TLP process allowed for an objective appraisal of the broker proposals, a clearer understanding of the value of our business, and a fresh approach to our insurance program, ultimately resulting in many value added benefits.

Feedback was consistently given, with timely response to inquiries. The review provided for an objective assessment, and the timetable was adhered to.

RMS is new to the process of conducting a broker review. We were made to feel comfortable about the process with assurance of a good outcome. We were not disappointed!."

Jonathan Hale
Manager
Risk Management Services
Testimonial(s)
“Initially we engaged TLP to undertake policy wording reviews, and then appointed them to manage a broker review on our
behalf. The TLP process allowed for an objective appraisal of the broker proposals, a clearer understanding of the value of our business, and a fresh approach to our insurance program, ultimately resulting in many value added benefits.

Feedback was consistently given, with timely response to inquiries. The review provided for an objective assessment, and the timetable was adhered to.

RMS is new to the process of conducting a broker review. We were made to feel comfortable about the process with assurance of a good outcome. We were not disappointed!."

Jonathan Hale
Manager
Risk Management Services

While many companies share comparable exposures or risk profiles given the similarities of their operations, no two companies are identical. Each will need an individual program that matches their own specific needs.

Our technical Policy Wording Review tests the effectiveness of your insurance policies. We examine, in detail, the actual levels of coverage provided against your organisation’s specific risks, to determine if your insurance strategy is delivering maximum performance.

We also compare the wording of other similar policies in the market to identify if broader, more appropriate coverage is available from alternative insurers.

A Policy Wording Review gives you the tools to answer:

  • Are our current insurance policies appropriate?
  • Do your policies contain any ambiguous policy language that could cause confusion around the extent of cover available in the event of a loss.
  • Are there any restrictive endorsements or warranties which could lead to insurers refusing a claim in the event of a loss?
  • Do our policies provide a broad scope of cover or contain restrictive policy conditions that may not be apparent?
  • Is our insurance product tailored to meet our specific needs, or a merely standard “off-the shelf” product that has been modified through a series of convoluted or unnecessary endorsements?
  • Does our strategy effectively transfer all our insurable risks or are there unknown gaps that need to be closed or better managed?

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