Coverage Gap Analysis

A Coverage Gap Analysis is a document that identifies and assesses the potential gaps or shortfalls in an insurance program. The analysis typically involves a review of the existing insurance policies, the insured’s risk profile and exposures, and any applicable laws or regulations, and compares them to industry benchmarks and best practices. The purpose of the analysis is to identify any areas where the insured may be underinsured, overinsured, or exposed to uninsured risks, and to recommend strategies for closing those gaps, such as purchasing additional coverage, increasing limits, or restructuring the insurance program. Coverage gap analyses are often used by businesses and individuals to ensure that their insurance coverage is adequate and appropriate for their needs.