In commercial property insurance, extensions of coverage can make or break a claim outcome. However, for many brokers working with complex risks, the purpose and structure of these extensions remain poorly understood. And, as supply chains grow more interconnected and business operations more complex, the gaps created by misread or misapplied coverage extensions are no longer ‘minor’ oversights.
In that vein, Sovereign Insurance is hosting an exclusive webinar with Insurance Business on the role of extensions of coverage in commercial property policies and what this means for the sector moving forward.
Hosting the event - Extensions of Coverage: Small Details, Big Consequences - is Jose Landrove, Senior Underwriting Specialist at Sovereign’s National Resource Practice, who told IB this particular topic is one that really requires constant attention.
“It does not respond to a trend,” he explained. “However, it acquires more relevance in times of increased market competitiveness, for both brokers and insurers may create an undesired exposure, by improperly changing or adding extensions of coverage, under the assumption that they will enhance their insurance product.”
Drawing on real-world scenarios, Landrove told IB that he’ll go through how extensions have evolved to meet changing business models, where common misunderstandings arise and what brokers and underwriters should be asking when reviewing and structuring coverage for their clients.
And for those that attend the webinar, Landrove is certain the benefits will speak for themselves.
“[People who come to the webinar will gain] a better understanding of how extensions of coverage operate, their triggers, and impact within the policy, which will help insurance professionals make better use of them. The topic is not really complex, which is likely the reason it is often underestimated. Training should address it.”
For insurance professionals, the advantages go even further here - with Landrove revealing that the main objective of this event is really to create more awareness around the topic.
“[That means] that professionals can take a proper course of action. As the presentation will approach the issues through actual examples, a good number of extensions of coverage will be discussed, better illustrating the issues and challenges pointed out. In summary, attendees will be able to see several extensions of coverage explained, as well as an overall view of how they really do play an important role within an insurance policy.”
Remember - the details in your clients' policies matter. Register now to sharpen your coverage knowledge and strengthen the advice you give.
This article was created in partnership with Sovereign Insurance
