Last Tuesday the 29th 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
According to María José, property can be defective without being damaged in the insurance sense. On the other hand, defects are attributes of:
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.
Special thanks to the October 2013 sponsor