Overview of vmia ihea forum
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Overview of VMIA IHEA Forum. Monia Choudhary Mark Cleeve August 2013. Core business is as a captive insurer providing risk management and insurance solutions. Important contributor to mitigation of State’s risks. VMIA established 1996

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Overview of vmia ihea forum

Overview of VMIA IHEA Forum

Monia Choudhary

Mark Cleeve August 2013


Overview of 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

VMIA – IHEA Forum


Our services include

Our Services Include:

VMIA – IHEA Forum


Property industrial special risks isr insurance

Property (Industrial Special Risks- ISR) Insurance

  • 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

  • VMIA – IHEA Forum


    Public products liability ppl insurance

    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

    VMIA – IHEA Forum


    Site risk surveys srs

    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

    VMIA – IHEA Forum


    Site risk survey process

    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

  • VMIA – IHEA Forum


    Risk treatment prioritisation

    Risk Treatment Prioritisation

    VMIA – IHEA Forum


    Site risk survey methodology

    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

  • VMIA – IHEA Forum


    Sector results

    Sector Results

    Health Agencies

    All Sectors

    Adequate Good Very Good

    VMIA – IHEA Forum


    Other risk management services

    Other Risk Management Services:

    • Available on VMIA website – www.vmia.vic.gov.au

    • Guides & Publications

    • Tools & Templates

      Risk Register Software-

      (http://www.vmia.vic.gov.au/Risk-Management/Tools-and-templates/Risk-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.

    VMIA – IHEA Forum


    Next steps

    Next Steps

    • Working closely with Department of Health with respect to Risk Management

    • Feedback from hospitals about SRS

    • Ongoing development of tools and templates

    VMIA – IHEA Forum


    Health team your relationship managers at the vmia

    Health team - Your Relationship Managers at the VMIA

    Liz Cox, Principal

    Relationship Manager

    T: (03) 9270 6996

    M: 0408054845

    E: [email protected]

    Kirsty Ellis, Senior Relationship Manager

    T: (03) 9270 6917

    M: 0417134752

    E: [email protected]

    Monia Choudhary, Senior

    Relationship Manager

    T: (03) 9270 6876

    M: 0421412041

    E: [email protected]


    Overview of vmia ihea forum

    VMIA – IHEA Forum


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