Information required Obtain the schedule of insurance that summarises all policies. Insurance premiums are determined in part by industry classification. Review the current description of the business to determine whether it is appropriate given the current activities and structure of the business. Review the schedule of insured risks to ensure that all divisions are adequately covering all risks on a cost-effective basis. Obtain memos and schedules that have been supplied to insurance companies on renewal of policies.
Specific policies require annual declarations for premium renewal.
For example, payroll records are externally audited for Workers Compensation purposes. Review all declarations made when the contracts of insurance are renewed and during the course of the year. Review action plans formulated to manage these risks, and assess whether they are apprpriate. Determine whether the group should be insuring for any of these risks. Obtain the schedule of insurance premiums by division over the last three years.