MLIS/CRIS Update - Professional Liability Insurance Coverage Triggers

Description

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... 

This course will satisfy your CRIS & MLIS update.

CEUS: 7
Instructor: Bruce Thomas