“Liability risks lurk everywhere. Which are among the most common, and which are among the most existentially threatening?”
The answer to this is always a snapshot; liability risks emerge, become known and are then naturally avoided – more quickly by some who are familiar with intermediary or liability law, and more slowly by others. For some of the slow ones, it has been too late in the past. Currently, for example, it is being discussed that there is a “smoothing”, the “market price adjustment”, as well as a “maturity bonus” for British life insurance policies for German customers. Unfortunately, the contracts of German customers are subject to the German VVG, which does not know such terms. It happens again and again that cancelled British policies are settled “British” by the insurer – but the customer is entitled to additional money according to the German VVG. Another example is the own VSH coverage: Many brokers only find out in a liability case that they have either “noticed” considerable coverage gaps in the VSH coverage customary in the market, or that they do not receive coverage from the insurer due to a violation of basic legal obligations of a broker. In particular on the website http://www.suega.de/bgh.htm has a broker central core obligations nicely summarized: Practice shows that customers are repeatedly not informed by the broker about his correspondence with insurers without delay – an ideal hook for the customer to later hold the broker liable.
Dr. Johannes Fiala
(DHBW Newsletter 05/2008)
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About the author
Dr. Johannes Fiala has been working for more than 25 years as a lawyer and attorney with his own law firm in Munich. He is intensively involved in real estate, financial law, tax and insurance law. The numerous stages of his professional career enable him to provide his clients with comprehensive advice and to act as a lawyer in the event of disputes.
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