Gold Seal Introduces Web-based Agency Internal Audit Program

June 15, 2005

Gold Seal Risk Management Limited has introduced a Web-based program designed to improve agency risk management and loss prevention practices and lessen the potential for errors and omissions claims called Gold Seal Internal Audit Program. The program provides best practices guidance that results in improved efficiencies, lower operating costs and improved bottom line results.

The Gold Seal Internal Audit Program is a self-regulatory process that agents will conduct annually. With the Internal Audit Program, the agent performs a brief, comprehensive annual review of the business’ internal processes and procedures. The program is designed to help agents become aware of potential E&O exposure, understand internal process efficiencies and work toward continuous improvement.

In conjunction with the Internal Audit Program launch, Gold Seal has partnered with Utica Mutual Insurance Company to offer the audit program to Utica agents at a discounted rate. Proper utilization of this internal audit program will be factored into the agents’ E&O premium.

“We are proud to create this extraordinary program for insurance agencies nationwide and to partner with Utica, a true leader in the E&O insurance arena and committed to risk management and improving practices industry wide,” said Andrea Dawes, vice president of Gold Seal. “This program is significant step in Gold Seal’s mission to standardize risk management practices and take loss prevention to a new level of excellence in the U.S. marketplace. Our program will undoubtedly result in better performance overall for the professional liability market.”

“We are very excited to provide this program to Utica’s current and prospective agents who commit to a regular best practices review for more effective risk management,” said Curtis Pearsall, vice president of Agents E&O for Utica. “Considering the current state of the E&O market, our program couldn’t be launched at a better time. We want to help keep E&O premiums reasonable for agents, and we are committed to helping agents understand and improve their businesses on an ongoing basis.”

In addition to the possibility of E&O premium savings, agents participating in the Gold Seal Program will have access to other Gold Seal products and services at a preferred rate. Gold Seal already offers a Utica-approved Uninsured Exposure Checklist, and will soon provide industry sponsored loss control seminars and continuing education programs as well.

Gold Seal also offers a comprehensive and thorough External Audit Service for agents. Utica currently recommends this service for their clients in an attempt to more thoroughly underwrite against the potential for E&O claims.

Agents who want more information on this program can visit Gold Seal online, Utica Mutual at (click on “e&o from the people who know”), or call Andrea Dawes at (888) 828-8884.

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