To Keep or Not to Keep, That is the Question! Insurance Policy Retention

A bank client wrote me recently and asked how long he should keep insurance invoices, claims info and policies.  Here is my advice:
Hi Brad,
I’d keep invoices and claims records as long as you keep other expense records.  Claims that involve litigation should be kept as long as your attorney tells you to keep the info.
The standard recommendation for keeping policies is 6 years – or whatever your state’s statute of limitations says.  I counsel to keep liability policies forever.
First of all, digital storage is too cheap to fuss over this stuff.  Second, I have a close friend who entered the insurance business in 1963.  He is in his eighties now and still works for insurance companies – testifying on lawsuits involving insurance policies issued in the 60’s and 70’s.  (OK, it’s my Father.)
Better to have it and not need it than to need it and not have it.
Another place where my advice is different from traditional insurance people.
Best,
Scott