INSURANCE POLICY REVIEW

Created by ChecklistGuro (https://checklistguro.com)

--- POLICY OVERVIEW & SCOPE ---
[ ] Policy Number
[ ] Policy Effective Date
[ ] Policy Expiration Date
[ ] Total Policy Limit
[ ] Insurer Name (Insurer 1, Insurer 2, Insurer 2)
[ ] Brief Description of Coverage (as stated in the policy)
[ ] Policy Type (Cargo Insurance, Warehouse Insurance, Commercial Auto Insurance, General Liability)
[ ] Deductible Amount

--- COVERAGE ADEQUACY – GOODS IN TRANSIT ---
[ ] Maximum Value Per Shipment Declared (USD)
[ ] Modes of Transport Covered? (Road, Rail, Sea, Air, Intermodal)
[ ] Coverage Limit Per Unit (USD)
[ ] Types of Goods Covered? (Electronics, Food & Beverage, Machinery, Clothing, Perishable Goods, Hazardous Materials)
[ ] Describe any special handling requirements for goods.
[ ] Type of Transit Coverage? (All-Risks, Named Perils)
[ ] Upload Sample Shipping Manifest (for review)

--- COVERAGE ADEQUACY – WAREHOUSE/STORAGE FACILITIES ---
[ ] Building Replacement Cost (Estimate)
[ ] Inventory Value (Total)
[ ] Equipment Value (Warehouse)
[ ] Description of Warehouse Construction (materials, age, etc.)
[ ] Potential Hazards Present (check all that apply) (Flammable Materials, Hazardous Chemicals, High-Value Goods, Seismic Zone, Flood Zone, Proximity to Airport)
[ ] Fire Suppression System Type (Sprinkler System, Fire Extinguishers Only, Other (Specify in Long Text))
[ ] Date of Last Warehouse Safety Inspection
[ ] Describe any recent/pending renovations or changes to warehouse operations.

--- COVERAGE ADEQUACY – VEHICLES & EQUIPMENT ---
[ ] Total Value of Vehicle Fleet (USD)
[ ] Types of Vehicles Covered (Select All That Apply) (Cars/Sedans, Trucks (Light-Duty), Trucks (Medium-Duty), Trucks (Heavy-Duty), Trailers, Forklifts, Specialized Equipment (e.g., Refrigerated Units))
[ ] Per Vehicle Coverage Limit (USD)
[ ] Description of Specialized Equipment (if applicable)
[ ] Type of Equipment Coverage (Collision, Theft, Comprehensive, etc.) (Collision, Theft, Comprehensive, Liability, All-Risk)
[ ] Vehicle Registration Documents (Sample)
[ ] Deductible Per Incident (USD)
[ ] Details on any Existing Leases and Agreements

--- LIABILITY COVERAGE ---
[ ] General Liability Coverage Limit (per occurrence)
[ ] General Liability Coverage Limit (aggregate)
[ ] Coverage for Third-Party Injury? (Yes, No, Unknown)
[ ] Coverage for Property Damage Liability? (Yes, No, Unknown)
[ ] Description of covered liabilities (e.g., cargo damage, accidents)
[ ] Does policy cover legal defense costs? (Yes, No, Unknown)
[ ] Are there any specific liability exclusions?

--- BUSINESS INTERRUPTION COVERAGE ---
[ ] Maximum Business Interruption Coverage Limit (USD)
[ ] Deductible/Retention Period (in days)
[ ] Describe potential causes of business interruption considered under this policy (e.g., fire, flood, supply chain disruption)
[ ] Does the policy include contingent business interruption coverage? (Coverage for losses caused by interruptions at suppliers/vendors) (Yes, No, Uncertain)
[ ] Date Business Interruption Coverage Last Reviewed
[ ] Briefly explain the assumptions used to calculate the business interruption loss estimates.
[ ] Does the policy cover loss of access to premises? (Yes, No, Uncertain)
[ ] Estimated maximum revenue loss per day due to interruption (USD)

--- POLICY EXCLUSIONS ---
[ ] Review Exclusion for Acts of War/Terrorism
[ ] Review Exclusion for Improper Packaging/Handling
[ ] Review Exclusion related to inherent vice of the goods
[ ] Review Exclusion related to strikes and labor disputes
[ ] Review Exclusion regarding pre-existing conditions or damage
[ ] Are there exclusions related to cyber events (e.g., data breach impacting shipments)? (Yes, No, Unsure)
[ ] Does the policy exclude damage caused by inadequate temperature control? (Yes, No, Unsure)

--- COMPLIANCE & REGULATORY REQUIREMENTS ---
[ ] Does the policy comply with relevant customs regulations? (Yes, No, Not Applicable)
[ ] Is the policy compliant with Department of Transportation (DOT) requirements (if applicable)? (Yes, No, Not Applicable)
[ ] Does the policy address Carrier Liability limitations as required by law? (Yes, No, Not Applicable)
[ ] Provide details of any specific local or regional regulatory requirements relevant to the logistics operations.
[ ] Date of last regulatory compliance review relating to the insurance policy.
[ ] Specify the required minimum coverage amounts dictated by regulatory bodies (e.g., cargo insurance).

--- CLAIMS HISTORY & REPORTING ---
[ ] Number of Claims Filed in the Last 3 Years
[ ] Summary of Significant Claims (if any) - Describe the incident, loss amount, and resolution.
[ ] Claims Resolution Satisfaction - How satisfied were you with the claims handling process? (Very Satisfied, Satisfied, Neutral, Dissatisfied, Very Dissatisfied)
[ ] Date of Most Recent Claim
[ ] Describe any recurring claim patterns or trends.
[ ] Is the Claims Reporting Process Clear and Easy to Understand? (Yes, No, Somewhat)
[ ] Attach copies of recent claim documentation (optional)

--- PREMIUM & COST-EFFECTIVENESS ---
[ ] Current Annual Premium
[ ] Comparable Premium Quotes (if obtained)
[ ] Risk Management Improvements Implemented? (Yes, No, In Progress)
[ ] Details of Risk Management Improvements (if 'Yes' selected)
[ ] Policy Deductible Levels (Current Deductible Levels Adequate?, Consider increasing deductible for premium reduction?, Consider decreasing deductible for broader coverage?)
[ ] Potential Premium Reduction with Increased Deductible (estimated)
[ ] Rationale for Current Premium Levels (based on carrier assessment)
[ ] Policy Bundling Opportunities? (Yes, No, Unknown)

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