READINGS:

The covid-19 pandemic has brought many insurance claims, seehttps://www.bbc.com/news/business-52659313. Many disruptions occurred and keep happening in the shipping of goods (see https://www.globaltqm.com/blogs/china-business-case-studies/china-supply-chain-disruption-unfolding-china-freight-crisis-2022).

It is foreseeable that there will be a significant number of lawsuits discussing coverage of the insurance policies. Regarding such disputes seehttps://www.jstor.org/stable/25763143?read-now=1&refreqid=excelsior%3Adeac68d4430d7e1da44c0d4bdb8de5d4&seq=5#page_scan_tab_contents

Going forward, the wording of insurance policies may be revised to establish new exclusions or limitations and additional coverage extensions may be contemplated.

Good advice of an insurance broker or agent is very important to determine the actual coverage of the insurance being contracted and the extent to which the risks are being transferred to the insurance company.

The insurance business is based on the actuarial science, it is a statistical and probabilities business. A precise definition of the risks is necessary to assess them, group them and calculate the premium to be demanded. (To learn about the work of actuaries you may seehttps://video.search.yahoo.com/search/video?fr=mcafee&p=what+does+an+actuary+do+yout#id=1&vid=4972334577d9da050ab58eddba044156&action=view)

QUESTION:

What guidelines or regulations, if any, would you consider advisable, given the limited negotiating power that a small company seeking to contract or enforce an insurance policy may have? In some jurisdictions model policies are approved by the government insurance regulator for certain types of policies. In some jurisdictions, the interpretation of insurance policies and the burden of proof is tilt against the insurance companies, for the insured is deemed sometimes to be the weak party in the contractual relation, particularly after an insured event has occurred and the insured is desperate to receive indemnification.