Written by Steve Henshaw, P.G., President & CEO, EnviroForensics
As seen in the May 2012 issue of Cleaner & Launderer
When executives talk about a company’s assets, they generally refer to people, property, buildings, equipment, clients, job contracts, and intellectual property. I’m sure there are more, but how often do executives think that some of their greatest and most valuable assets are old insurance policies that were purchased 10, 20, even 50 years ago? It’s true – old insurance policies, normal commercial general liability (CGL) insurance policies, that were purchased to protect and cover against claims of bodily injury, other physical injury or property damage and to protect your businesses against incidents that may have occurred on your premises or at other locations where you conduct business could be worth millions of dollars.
If you already know this, then I’m sure you have all of your old insurance policies stored safely and securely. You also have a summary that shows the coverage by year, along with the names of the insurance companies that issued the coverage, the policy numbers and the policy limits. If you don’t have this information safely stored, protected from fire and water damage, then you should read on. Continue reading “Do You Know Your Company’s Most Valuable Assets?”