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Reporting Claims and Potential Claims under Professional Liability Insurance Policies
An in-depth discussion about the pitfalls of improper reporting or failure to report circumstances that an insured firm could reasonably expected a claim could be made. Too often Policyholders fail to properly submit a claim or fail to report a circumstance out of fear, denial or by faulty self analysis of a policy’s terms and conditions as they would apply to the circumstances at hand. The risk involved in failing to meet the reporting requirements of a Professional Liability Policy may result in a Reservation of Rights letter from a carrier or outright denial of coverage. These risks are magnified when changing insurance companies for failure to properly report a claim or circumstance to the previous insurer before switching insurance companies. An earlier version of Ms. Robert’s White Paper was published by the AIA in their “Best Practices” series of articles. This short but powerful booklet written by Melissa S. Roberts, AAI, comes printed on heavy-stock, glossy paper that is pre-drilled for inclusion into a three-ring binder. It is part of our acclaimed Practice Notes series, Volume 18, Number 1, 2008.