Hall of Shame – No Coverage for Waterborne Equipment
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 using their equipment on, around and even within bodies of water. Here is an excerpt from the policy removing coverage:
The 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!
The Solution
Read and review the policy wording! Have a system that ensures that the elimination of these standard exclusions actually happen!
How KMRD Can Help:
KMRD delivers risk management and human capital solutions to over 600 clients nationwide. Our award-winning team, disciplined approach, proven processes, combined with our risk management portal make KMRD the leading choice to improve business protection and reduce the overall cost of risk.
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