
Professional agents should be more concerned about the client’s exposures than even the client is because of the significant consequences of improper or missing coverages. Insurance is about saving your client from ruin!
In the aftermath of the riot and /or malicious damage occurrence at Low Yat Plaza on the 12th July 2015, the public was wondering what could have gone wrong – there were numerous versions as to what having caused such an untoward event to happen – perhaps it was the petty theft incidence or was it about the merchant having cheated the customer by selling a cloned phone for a genuine version, or this was triggered by a group of political trolls, maybe thugs? Additional questions? Of course, we are looking at this from the insurance angle….
Was this event a riot to begin with?
The need for interpreting a contract can arise in two situations. Firstly, if the Judge or Arbitrator is of that opinion that “a gap is needed to be filled” in order to interpret the Contract and secondly, if she/he believes that “an ambiguity is needed to be resolved” in order to find the correct intention of the contract. The Doctrine of Contra Proferentem is generally applied by the Judges in the later case where a contract appears ambiguous to them. With the passage of time, the Judges have started appreciating the significance
In recent days the term, FLEXA cover has been widely mentioned whenever coming to insuring of risks either located overseas or where contingency business interruption (CBI) is involved. Examples of CBI related risks are those of extensions in business interruption…