07 Nov 2018 Read And Understand Your Policy Right Away, Or Else…
Insurance, Policy | Kenneth Gorenberg“Insurance customers can read their policies and learn of any defects.” At least, that’s what the Illinois Supreme Court said on Oct. 18, 2018, in its ruling on American Family Mut. Ins. Co. v. Krop. Mind you, the court didn’t offer any support for this proposition. It simply said that “because insurance customers can read their policies and learn of any defects, the discovery rule typically will not delay the start of the two-year limitations period for negligent failure to procure insurance.” Readers of this blog surely understand insurance policies more than most people. But I’ll go out on a limb and suggest that you might not always understand every provision. Heck, the fact that policyholders sue and sometimes prevail in coverage litigation…