Co-op City Information Network

Riverbay Co-op City Risk Management Department

Co-op City Riverbay Risk Management Department 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 Co-op City Riverbay Corporation.

Co-op City Riverbay Risk Management Department manages the $250,000 Self Insured Retention Program for General Liability, Workers Compensation, and Property Insurance Claims.
Co-op City Riverbay Risk Management Department has 6 technical employees that oversee the in-house program. Claims are initiated and forwarded to the department from any 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.
Riverbay Co-op City Risk Management Department manages the activities of our Third Party Administrator for all claims and lawsuits that are not settled in-house. Riverbay's adjusters will not settle claims where there is an indication that Co-op City Riverbay Corporation has not acted in a negligent manner.

Riverbay Co-op City Risk Management collects and analyzes underwriting data and makes recommendations as to the nature and extent of coverage required.
Riverbay Co-op City Risk Management negotiates terms and conditions of coverage, secures evidence of current policies, reviews policies, coverage, and endorsements for legality and sufficiency.

Riverbay Co-op City Risk Management Department designs, implements, and monitors a comprehensive loss prevention and control program to minimize incidents and claims.
Riverbay Co-op City Risk Management Department reviews and approves premium payments and self-insurance payments
Riverbay Co-op City Risk Management Department works with our actuaries and insurance advisors to establish the proper level of reserve funding of approximately 8 million dollars.

See other Riverbay Co-op City Departments and Organizations