Global Affiliates of Trinity in Brokerslink
Related: Risk Management and Loss Prevention
Trinity Insurance Brokers is an independent, full-line insurance broker that provides products and services on both General Insurance and Employee Benefits. It has been serving the market for more than 30 years. It is a proudly Filipino-owned company, a local firm but with an international reach and capability.
In 2009, Trinity became a founding member of Brokerslink, a “global broking company that brings together market-leading, independent brokers from over 118 countries and supports them with world-class risk management and insurance services”1. This happened after the merger of Pan Asia Alliance (a group of brokers in Asia-Pacific where Trinity was also a founding member) and Brokerslink (which at that time is composed only of European brokers). Because of this, Trinity developed the network that it can tap to help its clients on whatever risk management and insurance service they may need.
In this article, we will introduce two global partners that have become a very helpful ally of Trinity in serving its clients.
Asset cost is an important information when it comes to insurance because it will serve as the basis of the coverage and its corresponding premium. However, in the times of a hardening market like what we are currently experiencing, its importance increases. This is because insurers re-introduce the average clause. Average clause in insurance refers to the proportion of loss that the owner must bear when the insured value is less than the real value of the asset2. Because of this, having accurate asset costs is a must to avoid under-insurance.
This is where John Foord will be of help. John Foord is an independent advisory firm that “specialises in the valuation of commercial and industrial buildings, civils, structures, plant and equipment. They help support insurance companies, re-insurers, brokers and owners by assessing current reinstatement costs and how these can impact insurable values”3.
John Foord can assist on the following3:
- Reinstatement Costs – shine light on current costs and how they can impact insurable values for your locations in a complex changing world.
- Schedules of Assets – Improve asset and financial management with accurate detail on your fixed assets.
- Portfolio Analysis – Quickly and easily manage large portfolios of assets internationally using our sophisticated models and databases.
- Financial Values – Ensure peace of mind and improve business performance by securing accurate defendable values.
But why do asset costs change? There are a lot of factors. One reason is because of fluctuations in prices of raw materials such as commodities like steel and continuously increasing cost of labor on each region. Another reason is the changes in foreign exchange rates especially that most raw materials are imported form other countries. This is why getting the help of an expert is a cost-effective measure to avoid under-insurance which may lead to contentious and lengthy claims processing. All senior John Foord staff are “either qualified with The Royal Institution of Chartered Surveyors or the Institution of Mechanical Engineers, or have internationally recognized quantity surveying, IT, or engineering qualifications”3.
Apart from asset valuation, another important aspect that should be considered is risk management. In fact, insurance is just one among many solutions that fall under this big umbrella. In this digital and modern age, there are a lot of risks that companies are facing. One example is the COVID-19 pandemic, and if there is one thing that this event has taught us, it is that risks, no matter how small their probability is, can actually happen. This is why businesses should take a look at the different aspects of their business and determine the risks that could potentially disrupt their operations.
This is where B. Riley enters the scene. A diverse financial services provider, B. Riley “helps clients in every industry sector to develop organizational and risk systems to prepare for, respond effectively to, and recover from operational disruptions and to develop the compliance systems necessary to support this capability. Their Compliance, Risk & Resilience team includes professionals experienced in enterprise risk management, cybersecurity compliance and risk management, business continuity, disaster recovery, crisis management, and operational resilience”4.
B. Riley believes that organizations should address these risks by “making operational resilience both a strategic imperative and a competitive advantage, and compliance an intended outcome”4. The following is an overall crisis management framework for operational resilience4:
- shared culture of responsibility
- flexible and adaptive response capability
- risks managed from the perspective of their impact on achieving the strategic objectives of the organization
Apart from Compliance, Risk, & Resilience Services, B. Riley also offers other advisory services such as Appraisal and Valuation Services and Forensic Accounting & Litigation Support to name a few. The company also has businesses in Investment Banking, Real Estate Solutions, and Wealth Management.
We can help you
For the past three decades, Trinity has been helping its clients to mitigate their risks and make insurance work for them. Now, more than ever, in the face of a global pandemic and other threats, companies need help in reviewing their operations and identifying risk exposures that could harm their business. Gone are the days where companies will just buy insurance policies to cover what they need and for purposes of complying to regulators and contractual obligations. Now, it is important that we are proactive in developing risk solutions to mitigate the threats.
This is why we’re here – to help you in this endeavor.
With a network of capable and reputable international partners, Trinity is equipped in providing you with the risk management services you need. And just like what we always say: we are always eager to help!