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This course is designed to provide a detailed look at how both claims-made and occurrence coverage triggers function and how they are used in professional and executive liability insurance policies. The course begins by defining the term “coverage trigger,” introduces both claims-made and occurrence coverage triggers, and provides an example of how claims-made coverage triggers apply in a claim situation. The course distinguishes between the two different kinds of claims-made policies: those written with pure claims-made coverage triggers and those containing claims-made and reported coverage triggers. It introduces the concept of the retroactive date, commonly included within claims-made policies; discusses discovery provisions; and addresses the two factors that complicate the application of claims-made coverage triggers. Next, the problem of coverage gaps in claims-made insurance policies, and how to close them by means of extended reporting periods and prior acts coverage, is reviewed. The course discusses the rationale for using claims-made coverage triggers as well as the advantages and disadvantages they present for both insureds and insurers. Since a handful of professional liability coverage lines are sometimes written on an occurrence basis, these coverage triggers—and how they differ from claims-made policies—are also explained.
The chapters covered in this course are:
- Coverage Triggers: What Are They and How Do They Apply?
- The Two Types of Claims-Made Coverage Triggers
- Retroactive Dates in Claims-Made Policies
- Applying Claims-Made Coverage Triggers
- Complicating Factors in Applying Claims-Made Coverage
- Causes of Potential Claims-Made Coverage Gaps
- Closing Coverage Gaps in Claims-Made Policies
- The Rationale for Claims-Made Insurance
- Advantages and Disadvantages of Claims-Made Forms
International Risk Management Institute, Inc. (IRMI) is the premier provider of risk and insurance continuing education and reference services. IRMI publications are considered the ultimate authority by leading insurance practitioners and even federal appellate courts when interpreting insurance coverage. Use the knowledge you gain from IRMI CE courses with confidence, knowing they are written by seasoned insurance professionals who employ diligent quality assurance standards to provide the most up-to-date, practical, and reliable information possible.