As consumers deal with the fallout from the recession, some are cutting back on coverage when insuring non-essential luxury items such as boats and other recreational watercraft–a short-sighted step that could come back to haunt them, carriers warn.
Indeed, cost-cutting measures such as dropping or modifying coverage could leave policyholders high and dry with inadequate protection, according to experts at Travelers, which outlined five common mistakes consumers are making in this economy.
Travelers said these measures could leave consumers with coverage gaps and a "false sense of security."
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
