LAK Insurance Brokers (Private) Limited is a limited liability private company duly incorporated under the companies act No. 7 of 2007( Reg. no. PV 16842) in the Democratic Socialist Republic of Sri Lanka.
The registered address of the company is at No.46/4, Level 06, IBM Building 11, Nawam Mawatha, Colombo 2.
LAK is a fully owned subsidiary of K.M. Dastur & Company Private Limited incorporated under the Labuan offshore Companies Act no 1990, Licensed Broker under the Labuan Financial and Securities Act. No.2010, Located in Suite 31-3A, 31st floor, Wisma UOA 11, No.21, Jalan Pinang, 50450 Kuala Lumpur, Malaysia.
LAK Insurance Brokers (Private) Limited is a licensed insurance broker under the Insurance regulatory commission of Sri Lanka and carrying out both general and life insurances business and the ancillary services for parent company for re-insurance operation in Sri Lanka, with the approval of the regulator.

Profile

Insurance And Risk Management

Insurance and risk management is now widely viewed as a critical boardroom issue. It is the keystone of every company’s capital structure. A poorly constructed program may leave an organization vulnerable to major long-term setbacks, or worse, insolvency and bankruptcy. When well-designed, an insurance and risk management program frees an institution to pursue its vision – unhindered by concerns that it may need to hoard precious financial capital or maintain unusually high levels of liquidity.

Risk Engineering Services

Arrange for independent Risk Engineer’s visit to your locations / factories (which have the highest sum insured) to assess the risk, exposure, risk improvement / mitigation measures and estimate maximum loss scenarios. This service is offered in the first year of our appointment, to be followed up with a revisit once in two years after that. For new risks / major expansion to existing risks, services will be offered at the time the risks are operational. Lak Insurance can offer risk engineering services from an HSE & Insurance perspective for new projects at the conceptual stage and throughout the project construction, as an independent service at fees to be agreed.

Our Remuneration

We receive our remuneration from your Insurers for the services rendered to you as your sole Insurance broker hence there is absolutely no costs for you for the services rendered by us. Lak Insurance business philosophy is to demonstrate complete transparency in the business relationship with our clients.

Why Lak Insurance As Your Consultant

We live by Our Cause. It's what drives us to deliver the best risk management advice, solutions and service. And it's what sets us apart from other brokers.

Four straightforward commitments to our clients and one overriding principle that binds them together:

  • We thoroughly understand our clients’ needs and their industries.

  • We develop client solutions with the best markets, prices, and terms.

  • We relentlessly deliver quality client service.

  • We get claims paid quickly.

Understanding, Solutions, Service, Claims, and Integrity are all easy words to say, but demanding ideals to live by. While our competitors may perform well on one measure or another, we are committed to delivering the whole package, with the expertise, scale, technology and passion that consistently defines our service experience in everywhere we operate.

Here’s what we mean, and how we do it.

We strive to thoroughly understand our clients’ needs and their industries.

What if you had your own in-house insurance broker who, like a long-time insider, knows your industry, your competition, and your company from the mailroom to the boardroom? We are as your broker that is what you get.

We know Construction, Property, Marine, Hospitality, and Retail. The list goes on, industry by industry. And when it comes to specialist expertise in such critical areas as Term Life, Whole life, Long Term Care, Employee Benefits, Executive Liability, Environmental Risk and a host of others, nobody beats us.

We learn what defines success and failure for you. We understand your greatest opportunities for growth, and apply advanced analytics to model the risks you’ll face along the way. That is the starting point of a great client-broker relationship.

We develop client solutions with the best markets, price, and terms.

After establishing a strong foundation built on broad understanding and deep analysis, we’re ready to bring our clients’ risks to the insurance marketplace.

The market is complex. One size doesn’t fit all. Sometimes a solution exists, other times it must be cobbled together from a variety of sources or created from scratch. The lowest price isn’t always the best deal. The best coverage requires a mix of financial strength, competitive price, client-focused terms and conditions and responsive claim service.

We have the people and the proprietary services to get this mix right.

At the end of the process, Lak Insurance uses its market blow to deliver the best solution for every situation. Our goal is to reduce your total cost of risk, and give you a competitive edge.

We relentlessly deliver quality client service.

How do we put this array of resources to work for each client? We become “Client Advocate”. This experienced professional is your trusted advisor, empowered to deliver all our strength to your doorstep – and desktop. Your Client Advocate assembles a team of insurance experts and resources that work continually to assess, mitigate, manage, transfer and where possible eliminate your risk.

It all adds up to a service experience that can’t be beat. Answers are delivered quickly. Contract certainty is given the highest priority. Policies are issued in a timely fashion. And strict regulatory compliance is a way of life.

The recipe for your success is our relentless commitment to service excellence. The kind we deliver, day in and day out.

We get claims paid quickly.

Accidents happen. It could be a minor disruption or a major disaster, but that’s why you buy insurance. None of it matters unless your claims are paid promptly and properly.

Brokers need to be advocates and fighters, not just salespeople. It’s a fact of life: claims often put policyholders and insurance carriers at odds. Disputes, delays and reservations of rights are on the rise. The issues are complex, often wrapped in dense layers of legalese. It’s our job to resolve disputes and get you the best outcome. We’re in your corner, every time.

Nothing is more important in delivering the value of insurance. This is the measure of the best brokers, and getting claims paid quickly and fairly is how we measure it.

The four pillars of our Cause – understanding, solutions, service and claims – rest on a sturdy foundation of integrity. With integrity interwoven in everything we do our Cause gains even greater strength.

Integrity and trust have always been the basis of every successful business relationship, but in our industry. The insurance industry was beset by charges of conflicts of interest. Clients demand transparency, and we respond by taking the lead. We break new ground with our Client Rights, a declaration of our undivided fidelity to the client.

Our Cause defines our commitment to our clients. It dictates how we operate every day and at every stage of our relationship. From knowing your business inside and out; to finding the best markets for your risks; to servicing your interests wherever you operate; to helping you get your claims paid quickly. We do it all – with integrity as our guide. Our Cause, quite simply, is why we exist, and why you can count on us to deliver, every time.

OUR SCOPE OF SERVICES

  • Advise on the structure of the local market and legislation affecting insurance.
  • Advise on the use of local insurers and the choice of suitable companies. This will include analysis of the market to ensure financial stability and flexibility towards outward reinsurance to the international markets.
  • Review the risk exposures and other relevant information to identify the principal insurable (and other) risks associated with the operations and advising on contractual allocation, minimization and transfer of such risks.
  • Advise on surety and bonding issues, including bonds to be sought from Contractors, Suppliers and Operators, as well as guarantees, which may be required from the Owner to authorities.
  • Develop a logical, consistent and cost effective strategy for the insurance programme, identifying options available and risks which may be difficult, costly or impossible to insure, or for which limited capacity is available.
  • Assist in drafting the risk and insurance and other related provisions in the various contractual agreements and assist in ensuring that the agreed insurance strategy is consistently reflected in each agreement.
  • Provide premium cost estimates for budget purposes for the Insurance Programme.
  • Consider the implications of Financing, and Lenders’ probable requirements in relation to the insurances. Ensure that these are duly incorporated into the insurance strategy and budget to avoid unnecessary and costly changes at a later date.
  • Explain and Justify the proposed insurance arrangements with concerned parties &/or their insurance advisers and satisfy their respective concerns, whilst protecting your own interests at all times.
  • Discuss any unique insurance products or innovative placement methods which may be available and arrange cover, if appropriate.
  • Assemble all relevant data and information on the operations.
  • Assist in preparation of a first class presentation of the insurance programme to the insurance market, including detailed description of cover requirements.
  • Agree with you exact cover requirements, limits and deductible levels for the various covers, reflecting the needs of all parties, and agree draft policy wordings.
  • Agree with you the quoting insurers to be approached for terms, including examination of the scope for combining certain covers.
  • Obtain best possible quotations from the agreed markets.
  • Analyze these quotations with you and agree the lead markets and terms at which placements to proceed.
  • Fully place all required insurances with acceptable insurers/reinsurers.
  • Finalize policy wordings, reinsurance conditions and local insurers’ terms.
  • Throughout the above process liaise as appropriate with other parties including Lenders and their advisors and local insurers, to ensure their acceptance of the final placements.
  • Issue the necessary evidence of insurance covers.
  • Ensure correct issue of all Policy documentation.
  • Follow up any policy assignment or other issues required.
  • Receive proposals from Loss Adjusters and agree with you an adjuster to be pre-appointed for any claims which arise.
  • Issue an insurance manual and claims procedure guide for use by all insured parties.
  • Ensure arrangements in place for recording, progressing and settling claims and maintaining up to date claims bordereaux
  • Provide full servicing and management of all claims.
  • Advise insurers of any changes and negotiate any amendments, increases, and extensions to the insurances.
  • Comply with any agreed financial institutions requirements regarding claims payments, updating of information, etc.
  • Ensure all insurances are maintained in effect until cessation of risk, or to dovetail with inception of subsequent insurances.
  • Advise on any relevant market changes or developments, which occur during the course of our services.
The importance of ensuring that Insurers with whom our clients’ place their business are financially sound and fully able to honour their contractual commitments to our clients is clearly recognised by us.

In general, assessments of an insurer’s security are based on following checklist: –

  • Type of Business Written
  • Regulatory Compliance
  • Agency Agreement
  • Market Intelligent
  • Over All Service Delivery
  • Financial Aspects
  • Ultimate ownership & Intercompany relationship
  • Reinsurance
  • Management
  • Depth of Products
  • Your enquiries are responded within 24 hours of receipt.
  • Claims are notified to Insurers immediately on receipt.
  • Annual renewal exercise as per time scale to be agreed
  • Contract certainty (final policy wordings) at policy inception except for specialized lines which may require a maximum of 30 days from inception to finalise.
  • Fortnightly work in progress reports / reviews to progress outstanding items.
  • policy summaries within 30 days of renewal.
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