We’re auditing our insurance process in the electronic manufacturing sector and looking to benchmark best practices. Could you please share: 1. What key insurance policies your company holds (e.g., property, cargo, D&O)? 2. How often you benchmark insurance coverage/types—and sources used? 3. Which team owns your global insurance program, and how large is it? • Is there a review committee for premiums/coverage (e.g., Legal, BUs, Procurement)? • Are Legal and Procurement involved in vendor/broker selection and contracts? 4. How often do you review insurance providers (e.g., every 1–3 years)? 5. Do you use alternatives like captives or parametric insurance where coverage is limited?

While I don't have tailored answers to each or your points, I will share some experience so that you can see if the items are in your risk register:
a. winning bidders cancel required insurance policies following the winning bid or during the life of the contract. Common control was to verify insurance was still in effect, periodically, throughout the life of the contracts.
b. insurance coverage normally includes everything within the boundaries of the facility. Following a hurricane, everything was honored/ covered inside the boundaries, as expected. But the cost to remove resulting silt at the marine dock was not covered, as the waterway is outside the boundaries. Dredging costs can be quite high and delay operations until dredging is complete. I don't know the resulting control, but there was a lessons learned document following every claim, which existed to improve overall insurance policies going forward.

It has been a few years since I was closer to our company's process but since you haven't received any responses yet I thought I would share what I remember.

1. Property/Cyber/Terrorism, auto, GL/SML, D&O, EPLI, WC, Punitive damage, flood, student accident
2. Annually
3. Risk Team: we are not global, but are national. Premiums total over $18.7M annually.
    - the Risk leads the review (they roll up to Legal) but I know Finance is also involved. I am not sure if our board is involved in any capacity (or review subsequently).
   - Risk rolls up to Legal so Legal is involved by default. I don't believe Procurement is involved automatically, but is always there to assist with negotiations, if required.
4. Yearly. 
5. Have been seriously looking into captive for a few years but I don't know the status of that since I moved to another area.