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Posted by / 24-Nov-2017 04:41

Our goal this week is to explain the meaning of Retroactive Dates (“Retro Dates”) and to give you an idea of how these dates may limit the coverage provided under your General or Professional Liability insurance.Before we get too far into an explanation of Retro Dates, however, it’s useful to briefly discuss the difference between Occurrence and Claims-Made coverages.An Occurrence type policy provides coverage for only injuries or losses that occur during the policy period, regardless of when an actual lawsuit was filed against you.

But the lawyers through the April 2007 closing allegedly covered up their earlier malpractice and made it appear that the exceptions weren’t an issue.Insurers also typically limit their risk to claims alleging wrongful acts unrelated to wrongful acts before the retroactive date.They typically wish to avoid insuring a Claim having anything to do with the pre-existing wrongful acts, even if it also alleges new wrongful acts. In that case, developer and bank sued lawyers alleging in count one malpractice in a January 26, 2006 closing for acquiring vacant land, with bank financing.Insurance policies contain a series of important dates used to determine the period of coverage being offered.While the “Effective Date” and “Expiration Date” of a policy are easily recognized as the dates on which the policy’s coverage begins and expires, respectively, the “Retroactive Date” included in “Claims-Made” type policies is less well understood.

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