The risk that a claim won't be paid–a potential downside that every buyer of insurance faces–was an uninsured exposure until recently, according to the developers of a new policy to provide coverage so that insureds can contest such rejections.
"This is the first time we know of that this has ever been offered," said Jason White, a managing director for Professional Services Group of Swett & Crawford, in the Los Angeles office of the Atlanta-based wholesale brokerage, referring to its recently launched "Claims Dispute Insurance" product.
The new coverage, available to businesses of all sizes, will pay up to $250,000 in legal expenses associated with contesting the denial of an insurance claim under a commercial policy.
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