Coop City Risk Management provides professional expertise in analyzing the sufficiency of insurance coverage for the Corporation. The department is responsible for over $7 million dollars in premiums paid annually. This includes the contracting of insurers, brokers, and the review and application of coverage to loss situations. The establishment and maintenance of loss prevention and control programs are also integral components of the operation. Reviews and analyzes contractors who work for the corporation.
The Coop City Risk Management Department manages the $250,000 Self Insured Retention Program for General Liability, Workers Compensation, and Property Insurance Claims. The Coop City Riverbay Risk Management department has 6 technical employees that oversee the in-house program. Claims are initiated and forwarded to the department from are Public Safety Complaint Report, Cooperator Services Incident Report, Garage Department, Attorney's letter or Lawsuits and Complainant walk-in.
Riverbay Co-op City Risk Management creates all files and assigns file numbers. All claims are initially given to our in-house adjuster for investigation. The department manages the activities of our Third Party Administrator for all claims and lawsuits that are not settled in-house. Riverbay's adjuster will not settle claims where there is an indication that the Corporation has not acted in a negligent manner. Collects and analyzes underwriting data and makes recommendations as to the nature and extent of coverage required. Negotiates terms and conditions of coverage, secures evidence of current policies, reviews policies, coverage, and endorsements for legality and sufficiency. Designs, implements, and monitors a comprehensive loss prevention and control program to minimize incidents and claims. Reviews and approves premium payments and self-insurance payments. Works with our actuaries and insurance advisors to establish the proper level of reserve funding of approximately 8 million dollars.
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