It Takes Two to Tango!

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In one of the cases I worked on as a consultant/expert witness, the expert for the other side stated that insureds don’t usually read their policies and therefore the agent/broker is responsible for explaining and ultimately any misunderstandings regarding the insurance coverage. This is nonsense in my opinion. The insurance mechanism is a collaborative effort. The insurance professional provides the product and the expertise that goes with it. The client, in turn, is responsible for providing information and insights into exposure as well as familiarizing themselves with the coverage and limits of the policy. The insured cannot just acquiesce and expect the insurance broker to take care the whole matter. The insurance purchaser is the one that has the understanding of his or her business or personal insurance needs- and has to take the process seriously and have a dialogue with their insurance representative. Failure to do this may result in gaps or inadequate coverage and more times than not it is not the fault of the broker but rather the disinterest of the client. Both parties have to go to the dance floor in designing and implementing a logical need based insurance program.

The author of this blog, Guy Hatfield CPCU CIC, can be reached at 203.256.5660.

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