What is a Claims-Made and Reported Policy?
Professional Liability/E&O policies are written on a “Claims-Made and Reported Basis” basis. That is, the policy in force at the time a ‘claim’ is made (as opposed to when the event occurred) is the policy that will provide coverage. As a condition of an E&O policy, it is imperative that you report actual claims or situations which may give rise to a claim to the Insurer as soon as possible.
