Uncovering Insurance Pitfalls: Expert Insights on Coverage Challenges with Frederick J. Fisher
FisherCG.com
About the Guest(s):
Frederick Fisher is a seasoned expert in the insurance industry, specializing in professional liability over an illustrious career spanning more than 50 years. With two decades of experience as a claims adjuster and owner of a Third Party Administrator (TPA), Frederick is well-regarded for his dedication to client financial security. He is an advocate for providing strong financial safeguards and has authored the insightful book titled "Claims Made Insurance, The Policy That Changed the Industry: A Deep Dive Review and History," set for release in June 2024. Frederick currently operates as a consultant and expert witness, focusing on insurance consulting and risk management.
Episode Summary:
Join Chris Voss as he hosts insurance expert Frederick Fisher on The Chris Voss Show, where they delve into the intricate world of insurance policies and claims. In this episode, the discussion zeros in on understanding claims made insurance policies, with Frederick sharing insights and case studies that emphasize the significance of being informed and cautious while purchasing insurance. They highlight headline-grabbing stories about insurance litigation involving big names and underscore the challenges faced by companies and individuals when they're inadequately protected.
As the conversation progresses, Frederick uses practical examples to underline the perils of a lack of transparency and knowledge when it comes to insurance. From discussing the implications of not disclosing warranty questions to exploring the nuances of management liability insurance, the episode is a goldmine of knowledge for entrepreneurs and individuals alike. Chris and Frederick tackle the often-overlooked elements of homeowners insurance and unravel the critical components that can lead to financial security in the face of disasters. Through engaging dialogue, they underline the importance of seeking expertise in the insurance industry and avoiding the pitfall of being attracted solely by the price of policies.
Key Takeaways:
Understanding the intricacies of claims made insurance is crucial to avoid costly mistakes and ensure comprehensive coverage.
Transparency and honest disclosure on insurance applications are critical to prevent fraud accusations and resulting claim denials.
The order taker standard limits the responsibility of insurance agents, making it essential for consumers to engage with knowledgeable brokers.
Entrepreneurs should consider management liability insurance to protect against personal liability incidents stemming from business decisions.
Homeowners and condo owners must review their coverage limits diligently, including potential code upgrades that can lead to increased costs during rebuilding.
Notable Quotes:
"Everybody hates [insurance], everybody hates buying it, everybody hates dealing with it."
"Insurance is the last thing. It's either milk or insurance. Come on. We know where that's going."
"Take buying insurance seriously and don't use your brother-in-law as your broker unless he's a specialist in it."
"You can't say, ‘I want the best coverage’… what does that mean? Quality of the coverage? The price of the coverage?"
"It's intentional. I'm telling you right now… insurance companies are out to screw you."
Resources:
Frederick's Website: FisherCG.com (as inferred from transcript format)
Book: "Claims Made Insurance, The Policy That Changed the Industry: A Deep Dive Review and History" by Frederick Fisher
Social Media Handles: Chris Voss on LinkedIn and TikTok as Chris Voss1 (as inferred from transcript format)
Tune in to the full episode for an enlightening journey into the world of insurance with Frederick Fisher, and stay tuned for more captivating content from The Chris Voss Show.