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Copaken Brooks RFP | Insurance Brokerage and Risk Management Services
9. How will your firm participate in the due diligence process of an acquisition or new business venture?
We anticipate within our service plan to support Copaken Brooks during the due diligence process regarding an
acquisition or project. We will be available to review and advise as to the risk profile of the acquisition or project.
With regard to an acquisition, we will review the claims history, and if their current insurance coverage is
comprehensive and/or competitively priced.
Our objective will be to advise Copaken Brooks as to the level of risk you may be assuming, and to identify ways that
we may contribute to helping the acquired entity perform better if its Risk Management program is performing
poorly.
In Exhibit G, you will find a worksheet that we will utilize to provide your team with this valuable service.
10. Provide your strategy and philosophy on how often Copaken Brooks should market its coverage. What
direct involvement would Copaken Brooks have in this process?
Brokerage
It is our role as your insurance broker to actively maintain and nurture relationships with the top insurers of our real
estate clients. Throughout that process, we are continuously discussing their products, appetite, the current market
conditions, and the coverage and pricing we need to satisfy the needs of our clients. These insurers will know that
we represent Copaken Brooks, and will approach us frequently about getting an opportunity to quote. Throughout
our engagement process, we will keep the Copaken Brooks team informed as to the state of the market, and
introduce them to interested carriers. Fundamentally, we are always in the market on your behalf.
With regard to the question of how often should Copaken Brooks submit to the market for coverage proposals, there
are many things that factor into the answer. The states of the insurance market, Copaken’s claims history, the
service delivery of the incumbent and changes to Copaken’s operations are all factors that could influence the
decision to broker the coverages. There is no predetermined frequency of submitting to the market for proposals,
but if we feel there is opportunity for a better outcome for Copaken Brooks by doing so, we will not hesitate.
As one of our primary goals, we want to help Copaken Brooks develop and maintain “Best in Class” Risk
Management practices. We will use the success of these practices to negotiate "Best in Class" terms on their behalf.
If that happens to be with the incumbent carrier that is ideal as profitable relationships with insurers is an
advantage we want for our clients. However, if it means changing carriers to one that is better positioned to serve
Copaken Brooks, we will present the opportunity to your team.