It is disappointing to me that so many times a client purchases what they think is adequate and proper insurance cover and then find that the policy has an endorsement or, worse still, a section buried on page 54 of a 65 page policy that restricts or excludes the cover they were intending to insure.
In the latest one to hit my desk, a company that described their business as ‘Film & Television Production Services’ on an application with a direct insurer, received their policy with the following endorsement:
Luckily, the client questioned the endorsement with a broker they knew and correct cover was immediately put in place.
My view is that if the Insurer does not have an appetite for that particular risk, that is fine. Just tell the client there are specialist insurers in the market that cater for their occupation, rather than take a premium under what I regard as false pretenses and not provide the coverage; the lack of which could destroy the business and create huge personal risk for the owners, directors and in some cases, the employees.
Business insurance is not straight forward. This time it ended happily, with the client getting the correct insurance with a quality insurance broker, Webster Hyde Heath, who specialize in this industry.