The Ten Critical Steps for Risk Managers

Topics: Insurance, Risk, Risk management Pages: 4 (1399 words) Published: February 8, 2013
The objective of this document is to explain, based on the documentation that is found not only in the supporting text for this curriculum but, also the Political Risk Insurance Center web-site; The Ten Critical Steps for Risk Managers. The ten critical steps as compiled, explained and assessed from our documentation expresses a guide for export professionals in purchasing political risk insurance. The subject of this document with the focus on the ten critical steps, will be the country known as the Philippines, a Republic that was formed on July 4, 1946. Selection of a Broker/Underwriter

The broker is amongst the first individuals that will be contacted. Therefore, this first step is amongst the most important. Just like any salesperson, it is possible to come in contact with brokers who can speak with an informed tongue in regards to political risk (Cook, 2004). However, the challenge is finding the one who can perform in the limited insurance market. The Philippines since its inception and formation has always been in-volved in some type of controversy both political and militarily within its own borders. The broker who would be chosen should understand the historical significance and the volatile political climate that exists within this country. Service Requirements

Service requirements composes an analysis of what services the exporter re-quires. The filing of applications, financing, political risk intelligence compiled from the broker, loss control and claims handling, contract and expose review, and the communica-tion of coverage should be analyzed and examined thoroughly. This step does not only take place in regards to the Philippines but, it also takes place in regards to the United States based export and import policies that are always in play. The identification of the service requirements is needed on both shores to ensure a smooth transition and transference of products and goods.

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