A RECENT FEDERAL COURT decision draws attention to a nagging problem in the insurance industry and perhaps will finally move the industry toward a solution.
The problem is the failure of insurers and brokers to deliver the actual insurance policies to their buyers in timely fashion. Indeed, for a buyer to have a policy in hand before its coverage period begins seems to be more of an exception than the rule.
Not only does this tardiness represent a deplorable level of service, but it also may begin to prove costly for the industry.
As we report in this week's issue, a U.S. magistrate in Philadelphia recently ordered Reliance Insurance Co. to pay $1 million …
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