Are You Taking A Risk With Your Insurance?

Whether you are the Finance Director of a major company or in business in a modest way or simply a private individual you should take extra care to ensure that you do not take a risk that may prejudice you when you suffer a claim. The English Courts have recently clarified the position on the obligations of an insured when reporting to its insurers where that insured has duties to report either circumstances or claims. Unless care is taken, first to understand the obligation the insured is under in terms of timing, and second on the scope or breadth of the notice (what it contains by way of detail about what has happened) there is a real risk that the insurer who may wish to, may take advantage of the insured's either lateness or lack of clarity and lawfully avoid making any payment to the insured.