Risk Retention Services utilizes a proprietary program that integrates claim activity and financial information, and allows for individually tailored reporting for a client’s individual needs.
Our system is designed to support Reserve reporting along with actual incurred expenses.
Risk Retention Services offers escrow services, where all claims fees are paid out of a client’s escrow funds, with monthly accounting. This optional (no extra cost) service allows direct payment and accounting for all claim costs and IRS 1099 compliance. It also ensures that a Self-Insured Retention claim can be timely Tendered to the insurer immediately upon payment of all amounts due under the SIR. Most insurers require that the client not just incur, but actually pay, all amounts due under the SIR before they will pay any amount under the policy. An escrow account is one method of ensuring that the insured meets its obligations under the policy on a timely basis.
