Overview of VMIA IHEA Forum Monia Choudhary Mark Cleeve August 2013.

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Presentation transcript:

Overview of VMIA IHEA Forum Monia Choudhary Mark Cleeve August 2013

Page 2 16 August 2013 VMIA – IHEA Forum Core business is as a captive insurer providing risk management and insurance solutions Important contributor to mitigation of State’s risks VMIA established 1996 More than 4,000 insured entities $5 million in risk management funding $144 billion of assets insured

Our Services Include: Page 3 16 August 2013 VMIA – IHEA Forum Public Health Insurance Program Property (ISR) Construction Insurance Public & Product Liability Medical Indemnity Professional Indemnity Group Personal Accident Directors & Officers Liability Risk Management Risk Framework Quality Review (RFQR) Site Risk Surveys (SRS) Risk Project Funding Publications Tools & Templates Training & Development Training calendar Regional forums Online modules

Property (Industrial Special Risks- ISR) Insurance Page 4 16 August 2013 VMIA – IHEA Forum Broad terms of coverage What is Covered: Buildings; Plant, furniture, equipment & all other contents; Loss of Revenue and/or Additional Costs of Working post property damage Covers all perils (fire, flood, earthquake etc.) except as specifically excluded What is Not Covered: Wear & Tear, Gradual Deterioration, War, Nuclear Deductible/ Excess under the policy applicable to all claims: Varies according to asset value - $500 to $2,500

Public & Products Liability (PPL) Insurance Coverage for legal liability arising out of an occurrence in connection with the business of the Insured Covers claims for compensation by third parties for personal injury or property damage Excludes claims for pure economic loss (Professional Indemnity), Injury to Employees (WorkCover) and Transport Accidents (TAC) Examples of Claims Trips & Falls Tree falling on vehicle Collapse of infrastructure – walkway, balcony Fire causes injury & third party property damage Page 5 16 August 2013 VMIA – IHEA Forum

Site Risk Surveys (SRS) Risk Assessments of hospital sites by VMIA Risk Engineers Identify potential risk exposures and recommend treatment options Provides an objective view of property, public liability & business interruption risks Assists with development of aggregate view of risks across the VPS Mitigates risks which positively impacts future premiums Provides estimates of Maximum Possible Loss Assists in the economic purchase of catastrophic reinsurance protection Page 6 16 August 2013 VMIA – IHEA Forum

Site Risk Survey Process VMIA takes a Risk-based approach to Site Selection Annual visits to all sites where asset values >$500m Triennial review of all sites where asset values >$50m Other sites according to risk criteria, claims experience Procedure: Contact with Facilities Management to confirm suitable time Site Visit by VMIA Risk Engineer Draft Report issued to Health Service for concurrence Identified Risk Treatment Options (RTOs) pursued according to priority rating Extreme Rating RTOs require immediate actioning High Rating RTOs followed up by VMIA until completion Medium & Low RTOs require attention at health service’s earliest convenience Page 7 16 August 2013 VMIA – IHEA Forum

Risk Treatment Prioritisation Page 8 16 August 2013 VMIA – IHEA Forum

Site Risk Survey Methodology Survey that analyses the following six elements of the site specific risk profile, and evaluates the treatment, control systems and activities that serve to manage those risks Hazards (natural, technological, human and operational in origin); Construction; Essential Services; Risk Management Systems; Building Services and Equipment; and Public Safety Identification of issues of importance which are assessed using probability and consequence risk matrices Page 9 16 August 2013 VMIA – IHEA Forum

Sector Results Page August 2013 VMIA – IHEA Forum Health Agencies All Sectors Adequate Good Very Good

Other Risk Management Services: Available on VMIA website – Guides & Publications Tools & Templates Risk Register Software- ( register-software.aspx( register-software.aspx) VMIA offers a free, easy to use, secure software solution for risk managers to record and report on key risks. Risk Register Software can help you: reduce time in risk management recording improve the quality of reports. Page August 2013 VMIA – IHEA Forum

Next Steps Working closely with Department of Health with respect to Risk Management Feedback from hospitals about SRS Ongoing development of tools and templates Page August 2013 VMIA – IHEA Forum

Health team - Your Relationship Managers at the VMIA Liz Cox, Principal Relationship Manager T: (03) M: E: Kirsty Ellis, Senior Relationship Manager T: (03) M: E: Monia Choudhary, Senior Relationship Manager T: (03) M: E:

16 August 2013 VMIA – IHEA Forum Page 14

16 August 2013