Changing Claims-Made Insurance Policies
Considerations in changing insurance companies if you are insured on a
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