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Bundled vs. Unbundled Property Loss Control

Frequently Asked Questions

Bundled vs. Unbundled Property Loss Control

Frequently Asked Questions

What is a Traditional, Bundled Property Loss Control and Property Insurance program?

Corporate risk managers and executives are required to make financial decisions for loss prevention and insurance, which may affect their facilities. Part of that decision includes identifying how available capital will be allocated and the impact it will have on the overall loss potential and their insurance premiums. In other words, risks must be evaluated and scored to determine which are acceptable and which must be resolved.

To do this, many companies choose traditional, bundled property loss control programs. These are designed as “one-stop-shop” options that provide property loss control services and underwriting services all in one. The insurance carrier staff inspects and evaluates the client’s facilities, potential risks and processes and provides that risk assessment information to underwriters, who use the information to create the property insurance program and premiums.

What risks are evaluated in a traditional property loss control program?

There are a multitude of risks that are evaluated depending on the needs of the insurance program. Risks can include:

Who owns your property loss data in a traditional bundled insurance program?

Because many insurance companies provide the loss control services themselves, the data belongs to the carrier, not the client and in most cases the client is not provided information into the inspection results and recommendations until underwriters compose the insurance program and premiums. Thus, the client cannot take the data with them if they choose to change carriers and must start the education process all over again with a new provider.

How is a bundled property loss control program affected by a hard market?

After several years of a relatively soft market with flat rates, the current property insurance marketplace has begun hardening again.

What does this mean for the client? During a hard market, insurance rates rise while the amount of limit insurance carriers provide often decrease. In addition, the number of carriers can also decrease, making it more difficult for the client to find coverage options affordable to them.

In the property insurance world, this can mean that in order to be covered by insurance, clients must prove a lower risk rating to receive affordable coverage. In a traditional, bundled property insurance program, risk management and loss control surveys are conducted by the insurance carrier. While this may seem like a “one stop-shop” option, the risk management inspections are designed to benefit the insurance carrier, often placing the client in a situation where they are dependent on the insurance company completely.

What is an Unbundled Property Loss Control program?

In an unbundled property loss control program, risk management and property loss control partners are selected, rather than prescribed. While traditional bundled programs work on behalf of the insurer, an independent, third-party risk management program is partnered completely to the client and works independently from insurance carriers.

This means that risk assessments are conducted by third-party consultants, who create customized inspection programs and assessments for the needs of your business. Based on the assessments, recommendations for risk improvements are sent directly to the client, not the insurance carrier. Thus, the client owns the information and can choose what to share (or not share) with the insurance program.

This independence allows the client to shop around for which insurance program would work best for their needs. If they choose to change carriers they own the data and take it with them, rather than having to start from scratch.

In addition, third-party unbundled property loss control partners who have international presence means that your domestic and international facilities will all be managed by one risk management partner- rather than multiple insurance carriers depending on the country your facility is located in.

What are the benefits to unbundling?

A growing number of clients finalize their annual loss control program well before their insurance renewals, arming themselves with the necessary tools to shop for the most appropriate insurance coverage.

Additional benefits to unbundling your risk control program includes:

  • Independent and unbiased evaluation of property damage
  • Client-driven, long-term, value-added partnerships with real people
  • Ownership of information and a consultative approach to the partnership
  • Ability to “think outside the box” to develop customized loss control programs
  • Client has access to a team of experts prior to meeting with underwriters
  • Worldwide credibility with property insurance underwriters

How can TUV SUD GRC assist me with my property loss control needs?

TÜV SÜD Global Risk Consultants (GRC) provides unbundled property risk management programs as an alternative to traditional options that depend on insurance companies and underwriters to evaluate risk and provide loss control. Offering a dedicated service team and the highest engineering expertise, we support you with comprehensive risk analysis and in-depth risk management programs to help you to reduce your property loss history and expectancy and ensure safety and reliability for the future.

In addition, while full data and recommendations are often limited in traditional programs, with TÜV SÜD GRC you will receive all data and certificates from inspections and surveys in real-time through customized dashboards and client portals. Reports are tailored to your particular needs to help you make sound business decisions.

This level of control protects you during a hard market, allowing you to receive the risk control programs you need, while ensuring you will be able to choose the right insurance program for your business.


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