Before the meeting simplified at the desk

Why Your Insurance Portfolio Should Be Reviewed Like a Legal Contract In my practice, I often meet clients who treat their insurance policies as a one-time purchase. They sign, file, and forget. But insurance is not a product you buy and move on from — it's a living document, much like a contract that needs periodic review and renegotiation. The Static Portfolio Trap Consider the executive who bought a life policy ten years ago, before a promotion, before a second property, before children. The policy may still be valid, but is it aligned with the life it now covers? More often than not, the answer is no. The same applies to liability coverage for a business that has grown in revenue and headcount, or property insurance for a home that has appreciated significantly. When a portfolio remains static, gaps emerge silently. A claim that should be covered might be denied, or worse, a loss could exceed the limit because the insured value was never updated. This is not a failure of the insurer — it is a failure of oversight. Treat Insurance as a Governance Exercise In the legal world, we review contracts at key milestones: renewal, change of control, new legislation. Insurance deserves the same discipline. I recommend a structured review at least annually, or whenever a significant life event occurs — marriage, divorce, inheritance, business sale, or even a change in health status. During this review, we examine not only the sums insured but also the exclusions, the conditions, and the claims history. We ask hard questions: Is the coverage still fit for purpose? Are there new risks that were not contemplated at inception? Is the premium still competitive for the risk profile? The Value of a Risk Architect This is where a professional with a legal and risk background adds value. It is not about selling more policies; it is about ensuring that every policy works in concert with the others, that there are no overlaps or gaps, and that the client understands the terms in plain language. I have seen clients save significant sums by consolidating, and I have seen others avoid catastrophic losses by identifying an uninsured exposure. The process is methodical, but the outcome is peace of mind. If your insurance portfolio has not been reviewed in the last twelve months, consider this your prompt. It is not an administrative chore — it is a fiduciary duty to yourself and your family. This post is for general information only and does not constitute legal or financial advice. Please consult a qualified professional for your specific situation.