Occurrence-Based E&O?
- Thread starter svenskr
- Start date
Sorry, no such animal. I don't think there is any professional liability written on an occurrence basis. If such a policy form exists for agents, I'd be all over it. In fact, I could make some serious bank selling it.
- Thread starter
- #3
Thank you for responding.
If a broker wants to sell a particular product and buys claims-based insurance, does he have to continue renewing the policy the rest of his life even if for a while he decides not to sell that product?
What FexQuotes said.... as far as I know, it doesn't exist AND it doesn't make sense.
Can you explain why he wants an occurrence based policy? From an E&O perspective, the occurrence could have happened years before the claim happens that causes an E&O claim to be filed. If you have a claim today, it won't cover the policy incident that happened 3 years ago that caused a coverage to not exist that the client swears he heard you say did exist.
Basically, you would lose existing tail coverage that you have with your existing claims-made policy.
Dan
Can you explain why he wants an occurrence based policy? From an E&O perspective, the occurrence could have happened years before the claim happens that causes an E&O claim to be filed. If you have a claim today, it won't cover the policy incident that happened 3 years ago that caused a coverage to not exist that the client swears he heard you say did exist.
Basically, you would lose existing tail coverage that you have with your existing claims-made policy.
Dan
- 15,041
Look to see if there is tail coverage offered. Some include it and some have it as an option.
Buying E&O for a few more years after you retire might not be a bad idea.
Similar threads
