Prof. Schwarcz's Research Featured in New York Times

Professor Daniel Schwarcz's article, "Reevaluating Standardized Insurance Policies" (forthcoming in the University of Chicago Law Review), was featured in The New York Times. Schwarcz's article demonstrates that the conventional wisdom that insurance policies in property casualty markets are homogeneous commodities is wrong and that, actually, different carriers' policies differ dramatically in terms of the scope of coverage they provide. Despite this, it is impossible for even vigilant and informed consumers to discern these differences, as both regulators and markets have failed to promote transparency because of their outdated assumption that insurance policies are homogeneous.