A few years back, a major financial institution retained us to review its insurance coverage program. After checking the main items I usually look for, I asked the Risk Manager whether the heads of the organization’s various business units knew the basics of the notice provisions in the company’s major coverages. I could see her

“For want of a shoe, the horse was lost,” goes the old saying.  If you handle claims from the policyholder side, nothing will aggravate you more than seeing a perfectly good claim go awry because of poor risk management controls in an organization, especially the failure to give notice under potentially applicable insurance policies.

The

Claims-made policies were supposed to simplify things.  In an article a few years back, insurance expert Fred Fisher noted that the idea behind such policies was to provide greater actuarial certainty for insurance companies, by ensuring that there would be no more claim activity following the end of a policy period (eliminating the “incurred