02 — Capability · BC-130.50
Insurance & Risk Transfer
Transfer the risks the enterprise should not carry alone through an insurance program sized to its exposures, and recover what it is owed when a loss occurs.
- Insurance Program
- Insurable Risk
- Claims Management
In scope
- Insurance program design and renewal
- Claims handling and recovery
- Captive and self-insurance arrangements
Out of scope
- Employee benefit insurance plans (see BC-350)
- Financial hedging of market risk (see BC-230)
Decomposes into · 3
- BC-130.50.10Insurance Program DesignDecide which exposures to insure, at what limits and retentions, and place the program with carriers each year.
- BC-130.50.20Claims ManagementNotify, document and pursue insurance claims through to settlement so covered losses are actually recovered.
- BC-130.50.30Self-Insurance & Captive OversightGovern retained risk vehicles and reserves where the enterprise chooses to insure itself.