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...ions and requirements (asbestos, pollution and mold), unfavorable legislation,...ling the agent that they needed the coverage and the file wasn’t documented. T...

...cy, you get three options: Buildings Insurance: The building’s structur...sions are damage caused by ongoing pollution and DIY projects. Life Insuran...

... is able to carry greater single-occurrence catastrophe protection. Lessens hassle. Some insureds complain that they're in what seems to be a constant renewal mode because they must start the renewal process several months in advance of policy expiration. Because multi-year policies' renewal dates are several years apart, risk managers get a reprieve from the time-consuming, costly process of annual policy renewals. Builds relationships. Entering into a multi-year policy helps build long-term relationships between the insurer, broker, and insured because long-term commitments tend to be mutually beneficial. The insured hopes ... receive better rates, terms, conditions, or claims-payment services than afforded by a single-year policy or a three-year cancelable policy. Tracks the exposure better. In some situations, it may be desirable to know that insurance will be in place for the entire period of a particular exposure. For instance, when a company is involved in an initial public stock offering, the company may be subjected to Securities and Exchange Commission (SEC) liabilities for a specific period of time. Under a single-year policy, the insured could be left with ... More is less. Though multi-year policies allow for more efficient use of limits than traditional policies do, the limits they provide are spread over several years on an aggregate basis. Such limits might prove inadequate if a loss occurs over many years, such as losses involving pollution or asbestos liability. Under a traditional program, such claims might trigger several years of insurance, resulting in a cumulation of limits. Under the multi-year policy, there's usually no such cumulation. The substantial discrepancy in available limits between these two kinds of policy could ...

...rsements. A case in point is the pollution exclusion, which has evolved from t...ts to cover a situation in which no coverage exists because the agency made a mistake in binding or arranging coverage. The problem you solve and the “f...