What do you mean I don't have insurance coverage?

Here is the deal:

The insurance industry recently and almost wholly mandated a response trigger in your Errors & Omissions (Professional Liability) Coverage that requires any claim occur and be reported in the current policy term. This is a dramatic & potentially devastiating mandate compared to the coverage you had in the past.

Here is how it works:

possible gap

Why the change?

The insurance companies were feeling financially frustrated as past disputes became current claims. These long 'tails' reared their heads affecting prior policy years they thought were closed and safe. These now current claims were difficult to the extent that they affected prior closed accounting years. In response, the industry decided there was a better way to control these occurences - restrict/rewrite contract language, from "claims made" policies to "claims made and reported" policies!

Have you been make aware of these differences?

At the Starr Group we help businesses make informed decisions about which insurance contract to purchase. A recent study makes clear that the new "claims made and reported" contract would not have covered 25% of all claims when looking retrospectively at losses over the last 10 years.

Insurance gaps are nothing to smile about..could you have possible gaps in your policy?

What do you mean I don't have insurance coverage?

Why the change?

Don't let this happen to you!

Call the Starr Group at 414-421-3800