Liberalization

According to Ray Burnham's most excellent insurance dictionary...

"Liberalization clause - automatically broadens the coverage of all policies if a policy revision that would broaden coverage without additional premium is adopted during the policy period; is designed to prevent mass cancellations and rewrites; does not apply to new programs, e.g. the 1984 HO forms replacing the 1997 HO forms."

I do a great deal of work for banks. The insurance policies being sold now are a great deal broader that those sold even a year ago. Many banks are currently insured by three year policies for their bond's and directors' and officers' insurance. That can mean that their insurance is, in some ways, antiquated.

Nobody seems to be calling for liberalization - I think I'll start.