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Larry Sukay - A Strategic Approach to Purchasing Insurance

March 10, 2017

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Larry: Purchasing insurance: so often that a CEO of an organization or the CFO of an organization, the biggest mistake they make is they go ahead and they focus on the cost of it. So that, kind of going back to what's the process? You know, first you're doing an organizational analysis or operational analysis, then you do a coverage analysis of the current programs, and then the third step is to write an insurance spec. Okay, so that's spelling out what insurance that we need and how it needs to be structured, and then going out to market and getting quotes based on that. Limits of insurance mean absolutely nothing, what's critical is the details that are within those policies. So if you have an insurance spec of what everything is supposed to be covered, how it's supposed to be covered, the detail of what you're looking for relative to the terminology within that legal contract, then you go ahead and look at the market price based on that. That's how you buy insurance. Buying it just based on limits is literally Russian Roulette.

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