1. How to Read an Insurance Policy for Financial Institutions

How to Read an Insurance Policy for Financial Institutions

Event ID: 2145407
Recording: Unable to attend? A recording will be available after the presentation.
Date: Recorded on 10/31/2019
Duration: Scheduled for 90 minutes including question and answer period.
Presenter: Daniel A. Cotter, Attorney and Counselor, Howard & Howard Attorneys
Credits: Live webinar approved for 1.5 NASBA credit hours (Management Services)

How to Read an Insurance Policy for Financial Institutions

Despite the near ubiquity of insurance in modern commerce and business management, an alarming number of financial institution professionals – even in risk management and legal departments – have very little understanding of how their insurance policies work, or what they may or may not cover should a loss occur. The law in virtually every state holds that a policyholder is assumed to have read, understood, and agreed to all of the terms of every policy it buys. Realistically, that almost never happens. Although each policy is different, the vast majority of commercial insurance policies share the same anatomy. Given what is at stake should a policyholder face a loss, it is critical that attorneys, risk management professionals, and business owners understand the components of their policies to ensure that they are adequately covered or identify areas of risk exposure.

Please join Daniel Cotter as he discusses the common components of insurance policies and special considerations you should take into account to help you understand your coverage and identify risk areas before a problem arises.


The program will:

  • Discuss certain practical limitations and obstacles in insurance contract formation
  • Explain the basic language of insurance policies
  • Break down a policy into its essential elements common to all policies
  • Describe how each component serves the policy as a whole
  • Address special issues including endorsements, riders, certificates and renewals
  • Highlight the “hidden” terms of insurance policies

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