Are you 85 years old and have 77 marathons under your belt? You guessed it. Larry is 85 and has run 77 marathons all around the world in addition to a number of triathlons. I met Larry as a locker “neighbor” at the gym. He was a nice, very unassuming guy and, like the rest of us, just trying to gear up for another day at the gym.
Business owners want to sell their business and not have to look back or worry about past liabilities. Buyers want to make sure they are not acquiring unknown liabilities. This tension may be resolved through the purchase of representation and warranty insurance. Buyers are the ones who generally purchase this type of insurance (80%) versus Sellers (20%).