NEW YORK– Insurance carriers should work to deliver commercial insurance policies in a timely manner and to clarify the fuzzy language that many are filled with, a brokerage executive advised at an industry conference here.
Speaking at the 20th Annual Executive Conference for the Property-Casualty Industry presented by National Underwriter Company and sponsored by Ernst & Young and Dewey & LeBoeuf, Donald J. Bailey, chairman and chief executive officer, Willis HRH, mentioned contract certainty, and a binary approach to insurance contracts among his wish list going into 2009.
Mr. Bailey said issues surrounding the World Trade Center after the September 11, 2001 attacks demonstrate the problems that occur when there is no contract certainty. He pointed to the United Kingdom as an example of contract certainty in action, where the practice is mandated by the Financial Services Authority.
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