What is the number #1 error on insurance policies? Sadly, it is your name; more specifically your company's name or names. If you lay all of your insurance policies side by side, you will probably notice that the named insureds may not all match.
If you have active subsidiaries and they are not named on your policy, your insurance company can deny claims brought against those entities. In fact, getting the named insured wrong is one of the leading causes of E&O suits against insurance agents.
If you purchase or merge with another company, all of your policies need to be amended and in some cases rewritten. I once reviewed the policies of a large non-profit and the general liability insurance named all five legal entities, but the D&O covered only one. Had there been a loss, there would have been no coverage. The policy specified that new entities had to added within 30 days.
You spend thousands of dollars each year for your insurance coverage. It is important to make sure that your insurance company knows exactly who you are.
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