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Re-think Accident Insurance
It is time for brokers and risk managers to re-think Accident Insurance. As part of a forward-looking, comprehensive risk management plan, Accident Insurance delivers demonstrable and strategic value to risk managers, brokers and their clients.
Most think of Accident Insurance as a valuable employee benefit. While it's an integral part of most Employee Benefit programs, it can be useful in other ways as well. For example, Accident Insurance provides an opportunity to effectively supplement workers' compensation coverage, life or disability insurance limits, especially valuable after a catastrophic event. Because Accident Insurance is paid in addition to all other insurance, it increases the overall financial benefits.
Accident Insurance can also serve as an offset to a client's liability premium. "We have seen instances where a liability insurance premium has been reduced because of the existence of an Accident policy. In those cases, claimants may be less likely to sue" said Ed Navarro, Global Head of Accident & Health for Starr Companies. Finally, Accident Insurance can be a cost effective way to round out an insurance program. Because the hazard is so specific (Accidental Death and/or other accidental injuries) the premiums are often a fraction of the cost of life insurance with similar lines. "At Starr, we are passionate about Accident Insurance because we recognize the value it provides as a part of a wide range of risk management solutions. Starr is constantly reinventing the Accident Insurance opportunity, moving it from an employee benefit to a loss mitigation solution to a value-added benefit for our customers, including members of associations and the customers of financial institutions. We use our expertise and focus on accident and health to create unique solutions to very real problems for our customers" said Navarro. To learn more about Starr Accident and Health, visit starrcompanies.com (The above piece is part of our continuing Insights series designed to highlight key products and services to our readers. This paid-for Insights was written and edited by Risk & Insurance® on behalf of our marketing partner. Additional Insights can be found on our Web site at www.riskandinsurance.com/.) July 27, 2011 Copyright 2011© LRP Publications |
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