What if your firm has claims made malpractice insurance and claim is submitted 15 years later by a minor is there a provision that affords coverage if you have changed carriers?

Answer 1

Yes, Typically, If you changed companies without any lapse in coverage, the company or your agent will have maintained your retroactive date. If so, then you are covered by your current policy. If you had a lapse in coverage between insurance companies, then you may have lost your retro-date resulting in no coverage under your current policy for losses that occurred prior to that time.

Look at you policy declarations page for the term "Retro Date". Any claims presented for occurrences after this date will be covered under the current policy, even if it was over 15 years ago and regardless of who your insurer was at the time.

It is very important to maintain our retroactive coverage date when changing companies with professional liability insurance.

Answer

Yes. Either you were covered by the tail coverage you purchased when changing to the new company (effectively converting that original policy from claims made to occurrence), or you set up the new policy with dates such that claims made in year 15 from occurrences happening in the prior policy were still covered. Taking the latter course would mean that you weren't paying significantly less for coverage in the first year you made that change. Please ask again if you have a follow up question regarding this scenario.