Frederick Fisher is a 51-year insurance professional, author, educator, and expert witness, and we spoke about why insurance often fails at the exact moment people expect it to work. He explains why claims-made policies can be “very, very, very dangerous,” and why the real insurance product is not the policy document but the way a claim is handled when something goes wrong.

The turning point in this conversation is Frederick’s argument that the claims department should not be treated as a cost center. As he puts it, “the claim department is a profit center,” because it is “the only place where the product is produced.” He illustrates that with a malpractice case where a missed court response led to a default judgment, a damaged medical career, and a $12 million award against the insurer.

Frederick also gives practical advice for business owners and consumers: do not ask for “the best coverage,” because “there’s no such thing as best coverage.” Sit down with your broker, ask what is covered, what is excluded, which exclusions can be bought back, and whether an intermediary should be authorized when needed. The value for listeners is clear: understand your coverage before a claim, because insurance is supposed to put you back where you were before the loss.

Key takeaways

• The policy document is not the real insurance product.
• Claims departments decide whether insurance actually works.
• A missed legal response can create catastrophic liability.
• Do not ask vaguely for “the best coverage.”
• Make your broker explain exclusions and buybacks.
• Authorize intermediaries in writing when needed.

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