LOW HANGING FRUIT – ELIMINATE LOW COST RISKS, ESPECIALLY WHERE THE BENEFITS ARE GREAT

Whether to put forth effort to reduce or eliminate unnecessary risks may be evaluated on a cost-benefit basis. In the context of insurance, the costs of reducing or eliminating issues that might interfere with your right to coverage are sometimes very low, while benefit of doing so is quite high. For example, in a previous article of ours which can be found here, we discussed the importance of timely informing an insurer of a claim. While the law is fairly liberal in protecting insureds in that area, the cost of timely informing the insurer of a claim is low, yet the failure to do so can be costly. In this article, we discuss the rigmarole (cost) an insured went through over the timing of submitting a proof of loss to his insurer.  Read On …