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Home / Insurance / Champlain Towers Collapse Disaster and Purchase of Right Insurance – Property Insurance Coverage Law Blog

Champlain Towers Collapse Disaster and Purchase of Right Insurance – Property Insurance Coverage Law Blog

I was appointed by the court as the liaison for the presumed class members in the collapse of Champlain Towers South. This week, a team of exceptionally skilled lawyers I worked on left with a modified complaint explaining how we currently believe this disaster occurred. It's a very sad thing. It is difficult to witness the terrible aftermath that the victims and their families are living with.

Part of my job is to review hundreds of insurances that may provide different coverage in this case. When I read the many insurance forms, it is obvious to me that some people bought a different and better or worse insurance cover than others. It made me think about how important it is to choose the right insurance agent and for companies to have a really good risk manager who oversees their insurance coverage program.

Insurance educator Bill Wilson warns of the importance of having real professional help with choosing and placing a solid insurance program like this:

If you were to protect for the first time, would you pack your parachute yourself? Would you insist that someone else pack it as soon as possible without paying attention to details because you are in a hurry? Or pack it with your eyes closed? My insurance program is my financial parachute. There are no shortcuts to security if you do not buy insurance without exceptions or policy restrictions and most of what is sold on the internet is far from it.

I suggest that readers of this blog take some time to read the amended complaint and Think about what insurance you have personally and for business purposes. Are you fully insured should your property be wiped out? Do you have a policy with broad open risk coverage or limited named hazards for both structure and personal property? What would happen if you or your company caused a significant loss to another due to your actions, inaction or advice? Would you have the right liability cover to pay for what you may have caused?

The point of this post is to give an example of why you need a good insurance agent to help you determine what risks you are facing and buy the right types of coverage. In my book PayUP! I wrote:

[U] it's so important to sing a good agent that you can trust. Find an agent who is knowledgeable, experienced and willing to spend time understanding your unique insurance needs. Being an insurance agent is an important task. Insurance companies are constantly changing their insurance policies. Keeping up with the changes and available products is a huge commitment. In addition, insurance agents must understand the special needs of each policyholder. Big agents should also be willing to put the customer's interests above their own or the insurance company's interests and give honest and correct advice.

Liberty Mutual's current advertising campaign urging customers to " only pay for what you need " is crazy If you are not in the risk analysis industry and understand the importance of one coverage over another, it is impossible for most lay people to find out what insurance they need.

Tragedy always provides difficult lessons. Take the time to protect yourself financially. from the sad tragedies of life and find a good insurance agent who can help you.

Thought For The Day

Tragedy is a tool for living to gain wisdom, not a guide to live by.
—Robert Kennedy

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