Claims-Made Coverage - Covers negligent acts or omissions that occur on or after the policy's retroactive date and before the policy's termination date, provided the claim is made and reported during the current policy period.
Defense Inside - Means claim expenses are included in the limit of liability you purchase. This option results in premium savings.
Defense Outside - With this option, means claim expenses are covered in addition to your limit of liability. This option can be offered at a charge.
Dollar One or Loss-Only Deductible - Means the deductible applies to loss payment only; you do not pay any claim expenses. This can truly be a tremendous savings to you at claim time if no damage award is made.
Insured - Should include the named insured and partner, officer, director, stockholder or employee of the named insured while operating within the scope of their employment
Loss & Defense Deductible - Means the deductible will be applied to each claim; claim expenses are paid first.
Named Insured - The name of the person or organization that appears on the Declaration page of the policy.
Potential Claim - Knowledge of any circumstances arising from a negligent act or omission that could result in a claim.
Prior Acts Coverage - Protection for past negligent acts or omissions for which a claim is being made and reported during your current policy period. This is an important coverage to consider when moving from one insurance carrier to another.
Retroactive Date - Date that coverage for past negligent claims begin (see Prior Acts coverage above.)
Services - Should list exactly all services that are provided by the named insured.
