LARSON’S LESSONS
admitted carrier may provide this as well]. Also, the
policy stated all claims had to be reported directly to
the company by the insured. While I don’t think the
company could have prevailed on this defense, it was
still an issue.
3. When switching claims made coverage from one
company to another, always stress the importance
of the insured reporting all potential claims to the
companies. Simply because the insured hasn’t heard
from a potential claimant for a long time doesn’t
mean the claimant won’t make a claim or file suit. The
tort statute of limitations is two years from the date
when the injury or damage occurred. I defended many
cases where a claim was made, or suit filed shortly
before the statute of limitations expired.
4. Recommend all prior acts coverage, if available.
When replacing one claims made policy with another,
quote all prior acts coverage if possible. If you can’t
get all prior acts coverage or if the insured doesn’t
want to pay an additional premium for it, be sure and
explain actual or potential claims will not be covered
if the injury or damage occurred before the retro
date. In this case, the new agent explained to the
administrator there was no coverage for claims before
the retro date and told him to be sure and report any
actual or potential claims to the former carrier before
the expiration date. That was the reason the new
agent didn’t get sued.
Will Larson is an attorney who has practiced E&O defense
work in Kansas for 36 years. Over the course of his career,
he has represented insurance companies and agents
throughout the state. He is a consultant for KAIA on legal
and policy issues.
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