Jeffrey G. Steinberg writes that unlike homeowner, automobile or other general liability insurance, a switch in carriers for professional liability policies exposes the insured to a potential gap in coverage, notwithstanding the fact that continuous policies may be maintained. Nevertheless, there are two ways that the risk of a coverage gap from switching claims-made carriers may be minimized.
January 20, 2017 at 02:02 PM
1 minute read
Question 1: You have an opportunity to switch your homeowner, automobile or other general liability insurance to another carrier in order to obtain a savings on the annual premium. If the new policy incepts immediately upon the expiration of the old one, should you have any concern about a gap in coverage?
Question 2: Same as above, except the policies involved are your professional liability insurance.
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