Article: Common insurance mistakes.(umbrella policies)

Failure to State Proper Value

"Sometimes people put the value of their assets too high for insurance purposes and sometimes they put it too low," Brown says. "When they estimate the value of their sales or the value of their equipment for a lender, businesses may give a grandiose figure, far above the real value. If they use those same figures in estimating how much insurance they'll need, they'll pay more than they should. On the other hand, if businesses underestimate the value of a building or other important asset, a loss could put them out of business. It's best to be accurate, but estimating high is less dangerous than estimating low."

Brown ...

Related newspaper, magazine, and journal articles:

 
 
Newsweek Harper's Magazine The Washington Post Chicago Tribune Crain's Chicago Business PRNewswire Pediatric News The Nation Advertising Age The Economist (US) A FREE trial gives you access to over 80 million articles! Access over 6,500 publications with a FREE trial!