Key points of the talk Exclusion of Defective Design, Materials and Workmanship

Last Tuesday the 29^th of October 2013 was a memorable evening for Insurance Professionals Miami meetings.

We heard from María José Cordovez from Nationale Suisse spoke about Exclusion of Defective Design, Materials and Workmanship. She highlighted the following points:

Policies providing faulty design cover
Defect vs damage
Cost of redesign or betterment
Evolution of coverage

María José Cordovez from Nationale Suisse

Daniel, Ricardo and María José from Nationale Suisse Miami

According to María José, property can be defective without being damaged in the insurance sense. On the other hand, defects are attributes of:

design
specification
material
workmanship

A policy that indemnifies against damage does not intend to indemnify against defect unless this is a direct result of damage.

Furthermore, people were able to see real cases and real pictures from different claims.

Finally, attendants asked many interesting questions at the end of the talk and after that they enjoyed the meeting and the amazing networking event by sharing new ideas in an informal atmosphere. They also met new people from the insurance and reinsurance area working in Miami, Latin America and Caribbean.