Understanding the coverage terms, conditions and policy mechanics will assist you in avoiding unnecessary roadblocks and preclusions to coverage that may have otherwise been available.
- NOTIFICATION OF CLAIMS
Reporting as soon as possible is one thing, but knowing what constitutes a claim is equally important.
- DUTY TO DEFEND
Under a duty to defend policy, the insurance company retains the right and duty to defend a covered claim once it is tendered to the insurer — regardless of whether the claim is groundless, fraudulent, or lacks merit.
- SUBSIDIARIES VS. AFFILIATES
Transparency and communication are critical to ensure coverage extends to all entities and related entities if that is the intent.
- ORGANIZATIONAL CHANGES
An organizational change should be promptly reported to your insurance broker and insurer to ascertain whether it triggers certain provisions within your executive risk policy.