All policies contain a provision for how and when to report claims. If your are unsure and you have a situation please contact us as soon as possible so we may discuss the appropriate action.
With Occurrence policies the claims will be assigned to the carrier who had the coverage in force at the time the claim occurred.
With Claims Made policies (typically Directors & Officers Liability, Errors & Omissions, Employment Practices Liability & Fiduciary Liability) the claim will be assigned to the carrier who has the coverage in force when the claim is presented. Because of this the date the claim was presented can cause problems. If a carrier believes the claim should have been reported on a previous policy they may deny coverage under the current policy. In addition, a claim that obviously should have been reported previously is not eligible for consideration after the policy expires.
The best practice is to bring the issue to light and we will decide what to do.