Insurance policies have provisions for timely notification. Policy may state as soon as practical or state a specific time period. All require notification of events prior to policy expiration or renewal. Each policy notification requirements differ. Best practice 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 report these events 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 an ERP (Extended Reporting Period Endorsement) or Tail
- Report on material changes in the firm as soon as practical:
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- Attorneys/Accountants retiring
- Firm purchasing, merging, splitting or buying another firm
- Firm closing or ceasing doing business
- Name of firm changing
- Ownership of firm is changing
- Firm is changing the type of legal structure, i.e., from an LLC to a PC
Contact Me Today
Lee Norcross, MBA, CPCU
California License # 0D87292
L Squared Insurance Agency, LLC ® DBA in California as L2 L Squared Insurance Agency, License # 0L93416
Managing Director, CEO
Lee@L2Ins.com
616-726-7080