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Audit Concerns

The following accounting audit findings should trigger concern, requiring expert assistance:

  • The existence of a Self Insurance Program
  • The existence of a Captive Insurance Company, and if so, possible infrequent actuarial review and low capital.
  • Past decisions not to purchase insurance.
  • Past decisions to purchase insurance for prior uninsured exposure.
  • Apparent Cash Flow Advantages of Retrospectively rated policies.
  • Deductible / retention increase.
  • Liability limits reduced
  • Company is a member of a risk sharing or pooling arrangement.
  • Insured property values are unchanged from the prior year.
  • Solvency of insurance carrier. Liabilities will increase if the insurer becomes insolvent.
  • The insurance program has not been audited by an outside firm for some time.