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Changing Claims-Made Insurance Policies

Considerations in changing insurance companies if you are insured on a claims-made policy.

Prior Acts Date

Claims Made policies will respond to claims made during the policy term for services rendered after the Prior Acts Date (also referred to the Retroactive Date) specified in the policy.

When you change insurance companies on the Claims Made Form, you should be certain that the Prior Acts Date is the same as the prior acts date in the current policy.

Report Claims or Incidents Before You Change Insurance Companies

Claims Made policies cover claims made during the policy period.  If you are aware of a claim or an incident that could be the basis of a claim, it must be reported during the current policy period.

Generally, the company that replaces a claims-made policy will not insure a claim that was reported prior to the effective date of the new coverage.  The insurance company replacing the policy may also exclude claims arising from incidents of which insured is aware, that could be the basis of a claim.

Differences in Coverage

Compare policy provisions.  Professional Liability Policies can differ in policy provisions, conditions and coverage extensions.

This is intended to provide general information. For a complete description of coverage including policy provisions, limitations and exclusions, please consult the actual insurance policy.
Copyright Bryan Lau 2007 - 2013