Communication is key; ask as many questions as you can in order to avoid this situation. When you do find significant unknown risk exposures mid policy year, alert underwriting as soon as possible so you don't have a potentially large problem. Also let your insured know that there could be additional premium due and/or a potential rewrite in order to accommodate. Solve the problem as soon as you can so you protect your insured - and your E&O.
Communication is the first move. Make sure ALL involved parties are aware of the overlooked risk exposure. Then there needs to be a discussion about what effects the risk may have on each party. As a group, a plan detailing the corrective actions to mitigate the risk should be developed & agreed upon. Finally, put the plan into action & check its progress regularly!
Upon discovery, I immediately convened a cross-functional team to assess and quantify the exposure. We prioritised actions to mitigate the risk, including policy adjustments and enhanced client communication. Rigorous review processes were implemented to prevent recurrence, emphasising proactive risk assessment in all client interactions. Transparent communication with stakeholders ensured clarity and trust throughout the process. Regular updates and post-mortem analysis bolstered our risk management framework, enhancing our ability to anticipate and address potential vulnerabilities. This experience underscored the importance of thorough due diligence and agile response strategies in safeguarding client interests and maintaining industry credibility.