END OF AN ERA
The replacement of the DoD with DoFP is a significant change for Risk
Managers.
Under this new duty, insureds must provide all information 'in a manner
which would be reasonably clear and accessible to a prudent underwriter'.
What does this mean in practice?
• Data Presentation – Information and data must be presented in a
logical and coherent format and material points must be actively
highlighted.
• Reasonable Search – Insureds must demonstrate that all relevant
information has been provided from anyone, including management,
who 'ought' to have insight.
• Data Dumping – Insureds cannot dump reams of data as "job done"
and neither can the insured hold the brokers responsible for failing
to disclose a material fact
TECHNOLOGY CAN PROVIDE ENHANCED REPORTING AND ANALYSIS.
