TIme limit on reporting liability claims

A National insurance broker Marsh, informed their clients to make their liability claims regarding the BP oil spill now. They are warning them because of an often forgotten condition of liability policies, timely reporting. Small business owners should also be aware of this condition. If you have a potential liability claim against your company , report it to your agent or broker immediately. If you do not, you may be surprised when the insurance carrier denies the claim because of not reporting it in a timely fashion. There is a lot of gray area on this so report your potential claims even if you are not sure, that way you are safe. Until next time be careful out there and know your risks.  K

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