The High Price of Gaps in Your Professional Liability Insurance and Preventative Tips

Lawyers Professional Liability Insurance policies are usually issued as claims-made and reported policies, unlike auto insurance policies, which are generally structured on an occurrence basis.

It's essential to understand that a claims-made policy necessitates that coverage is active when a claim is reported and that the incident happens after the retroactive date. Additionally, any claim or potential claim received during the policy period must be reported promptly.

This requires that continuous coverage is maintained without a gap. 

Whether it’s an intentional or accidental gap in coverage, it is your responsibility to be proactive about your renewal or to protect the prior acts you've invested in for years to come. Maintaining continuous coverage is essential to avoid the financial and logistical challenges of addressing a gap. 

 

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More Resources:

Prior Acts Coverage 101

Claims-Made Vs. Occurrence Insurance Policies Explained

Leading Reasons Attorneys Get Sued

Professional Liability Insurance Scoring Checklist

Price vs. Value: Making Informed Choices When Shopping for Lawyers Professional Liability Insurance

How to Switch Your Professional Liability Insurance Without Losing Coverage

Changes To Your Law Practice [Checklist]

7 Things You Need to Know Webinar

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