Breaking long-term agreements could lead to damages.
Q: We are under attack on a policy which is subject to a long-term agreement. What can we do to figh...
Q: We are under attack on a policy which is subject to a long-termagreement. What can we do to fight this other broker?
A: The long-term agreement is a legally binding agreement between the
insurer and the insured. Any attempt by the client to walk away from such
a contractual agreement is likely to expose them to an action for damages
by the insurer.
The market may feel that the damages would be equivalent to the discount
the insured obtained when they took out the policy. However, I am of the
vie
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