| This scenario represents an actual coverage flaw in an insurance program of a well run, profitable business.
An agent sold the standard form to a company that uses their equipment on, around and even within bodies of water. Here is a copy of an excerpt from the policy removing coverage:
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Problem
The agent and the underwriter intended to cover the equipment while in the water but no-one
read the policy to see if the coverage form granted the coverage that was intended!
Solution
Read the Policy! Have a system that ensures that the elimination of these standard exclusions
actually happen!
KMRD's 3 tier quality control process will prevent this from happening again.
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