The following column appeared in the September 2012 issue of the Advisen Cyber Journal. I hope it resonates with our legal eagle subscribers. If not, then your brokers (and I) have more work to do.
Lawyers typically fancy themselves as the smartest people in the room. Many certainly have the largest egos in the room. But when it comes to keeping their own houses in order? Well, not so much. Its akin the shoemaker whose children go barefoot.
The same flaw appears to apply with equal force and effect with respect to accountants. And consultants. And, perhaps most incredibly, insurance brokers.
Perhaps you’ve figured out where I’m going with this. But in case you haven’t, here’s what I’m getting at. Counter-intuitive as it may seem, anecdotal reporting from a number of underwriters I’ve spoken with suggest that intelligent, thoughtful, (sometimes) rational people who bill others hundreds of dollars an hour or make sizable commissions for dispensing professional advice do not abide by their own wisdom and don’t buy cyber/technology/privacy (“CTP”) insurance.