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:
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]
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