Some insureds like to handle their own claims — until they blow up. If the carrier is aware of this self-management and agrees to it, no problem. If not, the insured is risking an uncovered loss.
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Investment advisors and money managers frequently forego professional liability coverage. Now that some notable funds have imploded, perhaps they’ll see why they need coverage. With luck, they’ll bestir themselves to purchase it.
I have often cautioned my agents about the unfavorable (from the insured’s and broker’s perspective) broadness of an “arising from” exclusion preamble.
There are many exclusions for which this wording is unavoidable, but the impact is horrendous. In the case of insureds that have an incidental or vicarious exposure to bodily injury/property damage claims, unauthorized access, [...]
Continue reading about The Dreaded “Arising From” Exclusion Wording
