All policies have provisions for timely notification. Some state as soon as practical, others state a specific time period. All require notification of events prior to policy expiration or renewal. Best source is to read your policy as to timing requirements. By not doing so may cause you a coverage problem or denial of a claim..
This is not an all-inclusive list, but these events need to be reported to your agent and/or insurance carrier:
- Change address or firm moving
- Become aware of a potential claim or incident
- Disciplinary matters from a governing body or government entity
- (For Lawyers policies only) Add or delete attorneys
- Decision to purchase or exercise your rights to purchase or request a ERP(Extended Reporting Period Endorsement) or Tail
- Material changes in the firm should be reported immediately:
a. Attorneys/Accountants retiring
b. Firm purchasing, merging, splitting or buying another firm
c. Firm closing or ceasing doing business
d. Name of firm changing
e. Ownership of firm is changing
f. Firm is changing the type of legal structure, ie from a LLC to a PC