Critics of the industry say that when you purchase an insurance policy, all you are really buying is the right to sue. While such a cynical attitude is no doubt unfair, given the vast majority of satisfied policyholders, some lawsuits over claims rejections are inevitable. But should an insurance company be facilitating litigation against its peers? That's the question following the introduction of coverage for insureds looking to challenge denials.
That's crazy, you say? Well, I'm not making this up. Check out Managing Editor Susanne Sclafane's fascinating July 7 story, “War Chest: New Product Covers Legal Costs If Buyers Decide To Challenge Insurer Claim Denial,” by clicking here.
Su reported that “the risk that a claim wont be paida potential downside that every buyer of insurance faceswas an uninsured exposure until recently, according to the developers of a new policy to provide coverage so that risk managers can contest such rejections.”
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