It is difficult to do much business in the current environment without taking advantage of some of the conveniences afforded by technology. As businesses expand the use of time saving and efficiency-improving devices, those involved in organized crime are doing the same.
We frequently see policies going into cancellation for failure to make the scheduled payments. For those of you who have a professional liability policy, this is a serious issue, and it is critical that you understand the impact it may have on you and your business.
The retroactive date on your policy specifies the earliest point in time that your insurance policy will provide coverage. This is also known as your prior acts coverage. Your professional liability policy is written on a claims made basis including