Insurance compliance and due diligence.
CIC provides a methodical, industry-specific series of examinations detailing third-party insurance requirements, renewals and compliance, protecting your business from oversight.
Our services include:
- Process Introduction: Initial consultation
- Analysis: Industry-specific contractual insurance requirement review
- Software Customization: Criteria and implementation
- Ongoing Monitoring: Compliance and coverage adequacy reviews
- CIC’s Audit Process: An overall insurance assessment
Case Study
Lender suffers considerable uninsured loss on collateral.
Challenge
Lender sustains a $500k loss when a warehouse and inventory is damaged by a hurricane. The Borrower’s program had been compliant at the loan closing 18 months earlier; however, increasing premiums drove the Borrower to change carriers and reduce coverage on renewal. The Lender’s compliance team did not notice the coverage changes on renewal documents.
Solution
CIC audited the Lender’s portfolio and its process for collecting and reviewing the Borrower’s insurance renewal documentation. The audit identified areas for improvement, including document collection, workflow and training.
Outcome
CIC customized a monitoring platform for the Lender, automating request for Borrower’s specific renewal documentation. The platform enables the compliance team to spend more time reviewing and approving documentation.
