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I find it difficult to believe that CEOs and their advisors would not read insurance contracts. This may seem true, but any business with a corporate council an
by abakker 5y ago
I find it difficult to believe that CEOs and their advisors would not read insurance contracts. This may seem true, but any business with a corporate council and a team contemplating buying insurance is likely to take care to ensure that they contract for, and purchase, the product they intend to purchase.
- wjnc 5y agoWell, from the industry, re-insurance contracts aren't hard to read, but they are written in legal prose that's quite far from your average readers day to day reading. Let's say that in 50 pages of boiler plate only twenty items mark the exact risks covered. That's why most firms use brokers to translate the T&C to PowerPoint. Obviously important contracts get read and negotiated by teams. And then ten years and a few renewals pass, people move on and suddenly you've got a coverage on a historic part of your portfolio that nobody groks. We're all human.