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Claims-Made Insurance - the Policy That Changed the Industry: A Deep Dive, Review, and History
193 pages, Paperback
Published June 18, 2024
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Displaying 1 - 3 of 3 reviews
August 24, 2024
One of the BEST insurance books I have ever read? Why? Wait for a lengthier review on Amazon and other media. A MUST READ for any insurance agent, broker, underwriter, marketer, claim professional or consumer!
August 29, 2025
I have wanted to read a book like for some time, although this isn't exactly the insurance book I want to read. I have been looking for a either a historical account of insurance (from an insurance perspective rather than a general historian), or a detailed analysis of the industry as it is today. Fisher, who I know in person, has done the latter but only as it pertains to professional liability insurance. This kind of insurance is pretty common (as we live in a service environment today in the United States) but it is rarer than other legally mandated insurances like home or auto, as not as many people (proportionally) are professionals who need to carry e&o insurance, or director level insurance.
Fisher paints a rather interesting but grim picture as insurance companies have went from validating claims (which they required by law to do) to merely assessing them via machine learning and cost benefit analysis. That is, insurance companies have decided that fighting insurance fraud is too costly and it is better to try and decide payout based on the cost of denying coverage. That is, insurance companies will pay you if it cheaper than denying coverage and then needing to legally justify that denial. This means that insurance companies have went from protecting their customers to trying to take advantage of them because they are legally required to carry some kind of liability insurance.
Fisher presents an in depth look (as an insider) into the industry and how it has changed, what led the change, and what the moral implications of doing business this way are. I appreciate this book quite a bit. Many professionals of this caliber are too busy to write a book about their expertise. If you are interested in business or want to understand the bureaucratic milieu we live in, this is the book is a must! These changes in the industry would not be possible without the subtext of coming AI (and its influence on bureaucracy, which will probably be a dystopic nightmare) and how corporate greed has coopted policy (especially on the part of Republicans but not just them) and created this adverse relationship where courts side with large companies against those company's much smaller clients. This is a sideways view on how our shared life-world has been changing! From that angle, this book is a crucial note on the trend.
In a less big picture sense though, Fisher does provide a very detailed analysis of some of the principles behind assessing liability policies, along with some anecdotes (and statistics) as to why certain contractual language can be detrimental to providing protection. After all, that is why we get insurance (other than its legal mandate), because we are to be protected and so should everyone else. Like our politicians our insurance companies must also be kept accountable.
Fisher paints a rather interesting but grim picture as insurance companies have went from validating claims (which they required by law to do) to merely assessing them via machine learning and cost benefit analysis. That is, insurance companies have decided that fighting insurance fraud is too costly and it is better to try and decide payout based on the cost of denying coverage. That is, insurance companies will pay you if it cheaper than denying coverage and then needing to legally justify that denial. This means that insurance companies have went from protecting their customers to trying to take advantage of them because they are legally required to carry some kind of liability insurance.
Fisher presents an in depth look (as an insider) into the industry and how it has changed, what led the change, and what the moral implications of doing business this way are. I appreciate this book quite a bit. Many professionals of this caliber are too busy to write a book about their expertise. If you are interested in business or want to understand the bureaucratic milieu we live in, this is the book is a must! These changes in the industry would not be possible without the subtext of coming AI (and its influence on bureaucracy, which will probably be a dystopic nightmare) and how corporate greed has coopted policy (especially on the part of Republicans but not just them) and created this adverse relationship where courts side with large companies against those company's much smaller clients. This is a sideways view on how our shared life-world has been changing! From that angle, this book is a crucial note on the trend.
In a less big picture sense though, Fisher does provide a very detailed analysis of some of the principles behind assessing liability policies, along with some anecdotes (and statistics) as to why certain contractual language can be detrimental to providing protection. After all, that is why we get insurance (other than its legal mandate), because we are to be protected and so should everyone else. Like our politicians our insurance companies must also be kept accountable.
May 14, 2025
Frederick J. Fisher, J.D., delivers a tight, field‑ready primer that explains why the claims‑made form overtook occurrence coverage and how to spot gaps before they cost you. In under 200 pages, Fisher moves briskly from the policy’s 1970s origins to today’s hot‑button issues—retro dates, tail endorsements, and notice traps—illustrating each point with courtroom anecdotes and easy‑to‑scan checklists. The result is an indispensable desk reference for brokers, underwriters, risk managers, and attorneys who need clarity fast. If you touch professional liability insurance, this book will sharpen your questions and your coverage reviews in one sitting.
Displaying 1 - 3 of 3 reviews