Demand Careful Policy Review

Because your Umbrella and Excess liability policies are legal documents some risk managers might presume that they have been subject to meticulous examination by both the insurer and the insurance agent or broker prior to being delivered. Sadly, such is too often not the case. Here is what you need to know.

A careful review of your Umbrella or Excess liability policy (or any policy for that matter) by the drafters and by the broker or agent should guarantee that the policy expresses fully the intentions of the insurance company and the expectations of the insured, and that the documents use proper grammar and punctuation. After all, these documents are often interpreted by the courts, where subtle nuances of word choice, punctuation and grammar may make the difference between a covered claim and an uninsured loss