Axioms

• Insurance is not a substitute for Risk Management
• Insurers are not in the business of paying claims. They are merely in the business of providing payment plans for losses.
• An insurance survey provides information for the benefit of an insurer, but  a risk management survey provides information to the benefit of your organization
• Insurance is not an effective way to manage risk.  Avoidance, control, retention, transfer and reduction should be the first choices. They are much more cost effective.
• Claims plus 50% = insurance premiums = not a good deal.
• Predictable and controllable losses should never be insured.
• Manage your business as if you had NO insurance, and then eliminate any needless insurance.
• You probably don’t obtain your tax advice from the government, so why would you seek risk advice from an insurer?
• Given the inevitability of losses, you’ll be judged not by whether you were the victim of an event, but by how well you planned for it.
• You can’t manage what hasn’t been identified or measured
• Risk identification is the first and most important step in the risk management process
• Don’t risk a lot for a little.