Questions on E&O Claims

nycagent

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Let's say I was with 1 carrier, and then switched to another. Then I have a claim originating from the time I was covered by the 1st carrier. Who is responsible for it - the 1st or 2nd carrier?
 
It depends.
Read your policies. There are different ways to specify this.

By the way, it isn't who is responsible. That is easy. You are. The question is who will extend coverage?

To more directly answer your question though, you will have to know whether your E&O policy is based on claims made or based on occurance. You could end up in a situation where neither cover or both do. Pretty unlikely, I think most E&O is claims made, but don't know that for sure.

You can read a pretty good description at: Claims Made V Occurrence

Dan
 
Yes, claims made or occurrence is the key. Most policies should be issued on a claims made basis so in the case of your question, the first or original carrier would be responsible.
 
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