Ask HN: Liability insurance: pay before reading?
Background: I'm about to launch a bootstrapped startup, and the last big thing I have to do is get insurance.
I've been working with techinsurance.com. So far, they're the only broker that's even been willing to talk to a web startup with an unusual business model. They offered me a Beazley policy.
The problem is, they want me to fill out a couple "applications" and attach a check for the annual premium before they'll even let me read the policy. This means I've never seen a formal definition of my coverage. The applications specify a coverage limit in dollars, but that's only part of the story. If you've ever read an insurance policy, you know it's full of rules about what is and isn't covered, what circumstances would be excluded from coverage, and so on. That stuff really matters for a business. My business, in particular, has some unusual liabilities, and I'm concerned that they won't be covered by this policy I haven't seen.
In case you're wondering, the applications do not incorporate by reference any documents to which I have access. They refer to "the policy," but I've been told I'm not allowed to see the policy until I pay.
Forgive me for being a little naive about the insurance industry, but doesn't this seem backwards? I feel like I'm being asked to sign a contract I haven't read and buy a product I haven't seen.
Is this standard industry practice? Do I just have to bite the bullet and buy insurance without knowing what I'm really buying? Should I demand more disclosures? Or should I look for a different broker?
Thanks in advance for your thoughts.