Non-compliance can be expensive
From InsuranceJournal.com comes a story about a judge who ruled in favor of the insurance company after a fire, when a company had not updated it's protection systems. This could also apply to the process industries. Think about what this could mean for your company. If you think compliance is expensive, look at the cost of non-compliance. Massachusetts Judge: Obsolete Fire-Suppression Means No Claims Paid A Massachusetts restaurant owner who failed to upgrade his obsolete fire suppression system was not entitled to collect insurance money after a massive fire six years ago — and must return $15,000 advanced to him by his insurer, an appeals court judge ruled. At issue is an exclusion in a commercial lines policy issued to the French King restaurant in Erving, which required the restaurant owner to maintain a fire suppression system. The insurer — Interstate Fire & Casualty Co., a subsidiary of Fireman’s Fund — claimed that the fire-suppression system installed at...