Hi, Ali Larson with Executive Risk at WA Group and today I want to talk to you about claims made policies, claims made policies renewing and/or switching carriers at renewal to a different carrier with your claims made policy.
It’s really important when we talk about these types of policies that any potential claims that you have or anything that you think could give rise to a claim gets reported before your current policy expires.
Why is this important?
It’s really important that we do this for a few reasons. One, we want to make sure that we don’t run into any problems with late reporting and getting claims denied because we didn’t report them on time. But we also don’t want to report that claim, right, once the policy renews. Because now you’re starting out your policy period with a fresh claim that might erode your limits before your current policy term is up. And then you’re going to be waiting for your next policy term for refreshed limits. So we would really want to make sure that we get those on the policy before it expires, those claims reported before the policy expires so we don’t run into any type of reporting issues or limit issues. It’s also really important when we talk about implant practices liability policies. Before your policy renews it’s really important just to kind of send out an email to your HR team or your management team saying, “Hey, do you know of anything that could give rise to a claim. Our policy is about to renew.
We want to make sure that we get that anything that could give rise to a claim on our expiring policy before we renew the policy.” If you have any questions about claims-made policies or any other executive risk type lines of coverage, give WA Group a call and we’ll be happy to answer your questions. Thanks and have a great day.
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