Services Inspection of Records / Audits

With our international presence and proven track record of expertise, Chiltington is the market leader for inspection of records. With over 20 years experience of performing inspections we provide a highly skilled team of consultants familiar with local culture and practices. Through a combination of our experience and local presence, we are uniquely qualified to perform this type of work both efficiently and cost effectively. The Chiltington philosophy is to adopt a phased approach to such assignments, maximising the control of costs and maintaining a focus on the clients' objectives and concerns. Where matters of concern arise, normally we recommend commercial dialogue with the cedant on a without prejudice basis to see if matters can be resolved on a basis acceptable to both parties. Where this cannot be achieved, these concerns may be addressed through arbitration or litigation and Chiltington will work with the client's legal advisors to ensure the legal process is as effective as possible. Ultimately, whether through commercial negotiations or otherwise, our focus is to ensure the best economic solution for our clients.

Pre Renewal Audit
Through performing a compliance review of a cedant’s records before first accepting or renewing a treaty, reinsurers can eliminate many factors that can later give rise to disputes. This can require the auditing of underwriting, claims or accounting records.

Historical inspection of records
An inspection of records enables reinsurers to obtain a fully informed analysis of the business, claims and exposures being reinsured. This can be necessary either to investigate unusual deviations from expected performance or to ensure that amounts claimed are properly due. Chiltington has extensive experience in performing all types of inspection in many different countries.

Claims audits
Where the client does not require the complete investigation of a contract, we can instead perform a specific review of individual claims or policies. Areas covered can include aggregation, compromise settlements or event definition. Chiltington has extensive experiences in organising and conducting such claims audits having performed literally hundreds over the past 25 years.

Accident and Health inspection of records
We provide the underwriting and investigation skills needed to examine both direct and reinsurance business in this currently high profile class of business. This can involve claims investigation, reinsurance contract investigation, exposure mapping and modelling.

Lloyds Coverholder Audits/Reviews
The significance of binding authorities within the Lloyd’s market can be measured by the fact that they are believed to contribute up to 40% or £4 billion of Lloyd’s total income for the year 2000. In November 2000, Lloyd’s issued a Code of Conduct under which Managing Agents are obliged to exercise control in relation to the binding authorities granted by their managed syndicates. This Code of conduct contemplates the use of specialist consulting firms to perform annual audits of all material covers or binding authorities.

Each review is individually tailored to suit the specific requirements of the client. At the same time, we also ensure that all elements of the coverholders operations are tested against the specific authority that has been vested in them through the subject binding authority agreement. Our ultimate objective is not only to ensure compliance with Lloyd’s Code of Conduct, but also to add value by identifying any areas of the coverholder relationship that might be improved upon to the benefit of the Lloyd’s syndicate.