As the name implies ‘The Fine Print’ is where Ghassan Marrouche, a seasoned expert in the insurance sector looks at the parts that people don’t usually look at. Few are the people who read the fine print in their agreements, and especially when it comes to insurance policies. Here’s what you should keep in mind
In May 2018, Mr. Michel Bayoud, Boecker’s CEO, who is also a firm believer in insurance, asked me to examine his existing insurance portfolio by checking if Boecker had adequate policies and benefits, and “make sure that what the policy promises is what we will actually get.” After listening to my comments, he was impressed with the benefits I could bring to the company and said: “I see the positives in your work, why don’t we extend this service to Boecker‘s clients and beyond?” And that’s how ‘The Fine Print’ was born.
Find out how a personal audit of your existing policies can greatly improve the service being offered and help with your bottom line!
1. Auditing insurance policies
When a non-disclosure agreement (NDA) is signed between a client and ‘The Fine Print’, we read the policy’s Terms & Conditions (T&Cs) thoroughly to identify conditions and see if there are any vague or contradicting terms that cancel each other out or don’t provide proper protection value for the client. We also look at the benefits offered to determine whether the policy is adequate, whether the client is over-insured, under-insured or not insured at all.
2. Determining adequacy and whether the client is properly insured
We refer to international sources as benchmarks to determine adequacy by taking the minimum required insurance cover into consideration for each industry.
3. Minimum requirements
Insurance has a wide range of coverage and we all want to be 100 percent protected. We therefore compare the client’s existing coverage with international standards to determine whether the insurance coverage required is applicable or not to the client/market. We also take the economic situation into consideration to avoid increasing the burden on business owners. Consequently, minimum requirements are recommended and used as a benchmark for the most essential in regard to the continuity of the business.
4. Submitting to the client
We usually require two weeks from the date we receive all relevant documents. Afterwards, we meet with the client and share our findings/recommendations.
5. Insurance company or a brokerage firm?
We are neither a brokerage company nor an insurance company. We simply look at the policies on the client’s behalf and advise them on the status of their insurance policies in an impartial, non-commercial manner. We are technical experts working under the Boecker quality assurance spirit. We also don’t represent an insurance company or a broker firm.
6. Why us?
Since we don’t represent any insurance entities, we don’t profit from an increase or decrease in insurance benefits. Moreover, when we make recommendations, we advise the client to go back to his insurance company/broker to amend the policies accordingly.