Originally published in Risk Management magazine (May
2011)
When reading the fine print of almost any insurance policy, one
will see a host of often daunting insurance policy conditions.
Almost all insurance policies, including liability, crime, kidnap
and ransom, and property insurance policies call for
"notice" of claims within a certain period of time.
Additionally, many insurance policies, such as property or crime
policies, call for the filing of a proof of loss within a set
amount of time and also may require that any suit against the
insurance company for its failure to pay a claim (in part or in
full) must begin within a reduced statute of limitations
period-sometimes as short as 12 months. Such a provision may even
be found in a liability policy, although this is rare.
