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personal assets. It is a balancing act to have enough,
CA: There are many reasons that coverage can be
denied – most of which are controlled by the terms
but not too little or too much insurance.
and provisions in the policy. First, a loss must involve
Based on Ms. Anto’s insights, consider these issues
a party insured under the policy satisfy the insuring
when buying or reviewing insurance:
agreement of the policy – the coverage being provided.
This generally goes to whether the type of event or loss
• Be certain that you see and read the policy you have
results in damages that fall within the policy’s coverage.
Second, there must not be any applicable exclusions.
section and the terms of the policy, including the
Policies include exclusions for various and numerous
exclusions.
things. Some common examples are intentional acts, purchased, specifi cally looking at the declaration
amount of coverage you need. EDM Today Magazine
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damage to your own work, pollution, or specifi c liability.
• Consider whether the policy pays for the cost of
Third, there must be compliance with the policy condi-
defense and whether your deductible is reasonable.
tions. These include, among others, notice, cooperation,
and timely payment of premiums. Still these are some
• Look at which state law governs the policy, and
bases outside of the policy upon which coverage can be
therefore, controls the policy interpretation. Consider
denied, including, but not limited to, misrepresentations
advice from an attorney as to whether the law is
and fraud.
impactful in your situation.
ET: If my coverage is insuffi cient, can they take my
personal assets?
company might face to help decide the type and
CA: This really depends on how your business is set • Fully consider the risks (fi nancial and legal) which your
up. There are ways to set up a business to protect the
• Consider your company’s corporate structure and
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personal assets of an individual, including being an LLC.
whether you have used the structure to maximize the
If your business is not set up to protect the individual
protection of your assets.
owner’s assets, there can potentially be exposure to one’s
personal assets. This is another reason to ensure that the Taking a few specifi c actions help your company stay on
the track for proper coverage, and maybe even a better
amount of insurance corresponds with the value and
night’s sleep.
size of your business. When there is ample insurance
to satisfy losses, claimants are more unlikely to seek
further information on this topic or for clarifi cation
Precision EDM Today thanks Ms. Anto for her insight. For
of issues, Christine Anto can be contacted directly at
312-894-3278 or CAnto@amundsendavislaw.com.
Reliability
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As always, you can reach Legal News and
Innovation
Views at Betsy@EDMTodayMagazine.com to reach
the author or for questions you would like to be
addressed in future articles.
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