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THE UNDERWRITER'S LAMENT

"It's tough to make predictions, especially about the future."

Lawrence Peter ("Yogi") Berra

 

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YOGI MAKES THE CASE FOR ENTERPRISE RISK MANAGEMENT

"You've got to be very careful if you don't know where you're going, because you might not get there."

Lawrence Peter ("Yogi") Berra

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OUR FAVORITE JUDICIAL QUOTATION

"Forms of applications and policies (like those used in this case) of a most complicated and elaborate structure, were prepared, and filled with covenants, exceptions, stipulations, provisos, rates, regulations, and conditions, rendering the policy void in a great number of contingencies. These provisions were of such bulk and character that they would not be understood by men in general, even if subjected to a careful and laborious study; by men in general, they were sure not to be studied at all. The study of them was rendered particularly unattractive by a profuse intermixture of discourses on subjects in which a premium payer would have no interest. This compound, if read by him, would, unless he were an extraordinary man, be an inexplicable riddle, a mere flood of darkness and confusion. Some of the most material stipulations were concealed in a mass of rubbish, on the back side of the policy and the following page, where few would expect to find anything more than a dull appendix, and where scarcely anyone would think of looking for information so important as that the company claimed a special exemption from the operation of the general law of the land relating to the only business in which the company professed to be engaged. As if it were feared that, notwithstanding these discouraging circumstances, some extremely eccentric person might attempt to examine and understand the meaning of the involved and intricate net in which he was to be entangled, it was printed in such small type, and in lines so long and so crowded, that the perusal of it was made physically difficult, painful, and injurious."

DeLancy v. Rockingham Farmers Mutual Insurance Co., 52 N.H. 581 (1873).

THIS POLICY REPRESENTS A LEGAL CONTRACT BETWEEN THE POLICY HOLDER AND THE COMPANY. READ YOUR POLICY CAREFULLY." (Policy Declarations Page, 2008)

 

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Photo used with the permission of Circus World, Baraboo, Wisconsin

another great

Risk Manager

(but he's not available)

 

Risk Management Resources, Inc. | 952.944.8515 | info@RMRrisk.com