Are You Actually Insured… Or Just Paying For The Idea Of It?

As lawyers, we tend to see things after they’ve gone wrong. Consider this a little nudge to do some housekeeping now—before it becomes a much bigger problem later.

Let me give you two real world examples from just the past year:
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1. The Case of the Wrong Building
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A client was diligently paying insurance on their property… except it wasn’t their property. Due to an administrative mix up, the policy covered the building next door. If disaster had struck, they would have been left without insurance on their building.
 
2. Residential Insurance, Commercial Reality

Another client owned a property they leased out as commercial offices. Sensible enough—except the insurance policy still classified it as residential. On paper, everything looked fine. In reality, they were one claim away from discovering their cover didn’t apply.

The Common Thread?
In each case, the client thought they were covered. They were paying premiums, ticking boxes, and doing the “right thing.” The details told a different story.
Insurance is a contract and like any contract, it only works if the facts match reality.

A Quick (and Worthwhile) Check-Up
Before you assume you’re protected, take five minutes to confirm:

• The correct property or asset is listed
• The use of that property matches the policy (residential vs commercial)
• The details—vehicle type, business activity, occupancy—are accurate

​When something goes wrong, “close enough” doesn’t count.