Washington lawyers discuss insurance policy language and claims
Professional Liability Coverage and Defense practice group leader and Washington partner Tony Jones, Washington associate Jordan Rubinstein and Washington partner Stacey McGraw wrote the article “Being an Open Book,” which was published March 15 in Risk Management magazine.
“If a problem arises at your company, you likely consider the associated business issues and then discuss the problem with any affected clients. But you may not immediately think of the situation as something that you should share with your insurance company,” Jones, Rubinstein and McGraw said in the opening of their article. “The failure to do so, however, can have significant consequences if the worst comes to pass and you find yourself on the wrong end of a lawsuit.”
The three continue in the article, stating, “[w]hile ultimate outcomes [from product failure, complaints and potential lawsuits], of course, depend on a number of things … specific policy language may create severe consequences for failing to disclose the potential problem to your insurance company.” After which, Jones, Rubinstein and McGraw examine “claims-made insurance policies” in depth, explaining how they can greatly affect future claims made against a company.