Professional Liability IQRM

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What is IQRM?

The IQRM (Intelligence Quotient for Risk Management) is the first step to identifying the risks that most greatly affect your business.

Why IQRM?

With this integral piece of The Insurance Market’s Armour 360® process, we will ensure you receive a comprehensive program that maximizes your insurance investment.

How IQRM works?

We will work together to analyze the effectiveness of managing risks, develop strategies to protect your assets, and improve your risk profile. Additionally reducing your insurance costs, monitoring, and fine-tuning risk management programs as your business evolves.

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1. To what degree does your organization have a complete understanding of all the activities and services that are provided to your clients and customers?(Required)
2. How effective are the processes in place to make senior management aware of the type of economic loss exposure the business may have with your clients and customers?(Required)
3. In addition to economic loss, how well does your organization understand the ways a lawsuit can negatively impact a service provider?(Required)
4. To what degree does your organization understand the cause of financial damages in a professional liability claim or lawsuit?(Required)
5. How effective are your processes and policies in protecting the organization from exposure to financial loss due to vicarious or contingent bodily injury, property damage, or personal injury should the case arise from a service provider?(Required)
6. How effective have senior leaders been in considering the need for purchasing professional liability coverage in addition to commercial general liability (CGL) coverage?(Required)
7. How well is your organization's leadership team at educating themselves on the “duty to defend” basis of your professional liability policy?(Required)
8. To what extent does your organization understand that reviewing the insurance carrier’s panel counsel is an important part of the professional liability decision process?(Required)
9. To what extent does your organization understand how a “claim” is defined in your professional liability policy?(Required)
10. How effective is your professional services business in reporting claims so as to avoid making any assumptions as to the gravity of a potentially negligent act?(Required)
11. How effective is communication within all parts of your organization to ensure timely reporting of all incidents that could lead to an actual claim?(Required)
12. How effective is your organization’s communication with your attorney, insurance agent, broker and insurance company after a claim is reported?(Required)
13. Before a claim actually occurs, to what extent has your organization had discussions around the option of using a law firm to handle your defense instead of the insurance carrier’s panel counsel?(Required)
14. How effective is your general counsel or outside counsel in reviewing all contacts with clients to make certain that requests to add 3rd parties as additional insureds is either avoided or handled through indemnification language?(Required)
15. How effective are you at verifying that sub-consultants maintain their own professional liability insurance and have a suspense system to follow up for updated evidence of coverage upon expiration?(Required)
16. How careful is your review and understanding of policy exclusions and their impacts?(Required)
17. How effective is your agent or broker in determining the availability of optional coverage enhancements?(Required)
18. To what extent has your organization disclosed all related entities (including ownership/affiliation and nature of services) on our professional liability application and have indicated those for which coverage is desired?(Required)
19. To what degree does your organization’s professional liability application reflect the all exposures of all entities/persons to be insured?(Required)
20. How effectively does your organization disclose detailed claim information and make corrective measures to minimize the risk of a repeat event?(Required)
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Phone 302.875.7591 Fax 302.875.7541
310 N. Central Ave. Laurel, DE 19956

Phone 443.944.9682 Fax 443.944.9683
109 Poplar Hill Ave. Salisbury, MD 21801

Phone 302.875.7591 Fax 302.491.4862
105 NE Front St. Milford, DE 19963
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