How Does A Claim Affect My Professional Liability Policy?
You’ve had a claim and it has now closed and you are wondering how this will affect your professional liability premium. At your next renewal your agent will probably ask to you to complete a claim supplement so they can provide underwriters with details about the claim. One of the most important parts of this supplement is the question that asks “What Lessons Did You Learn?” The underwriters want to see what controls you have put in place to safeguard against this sort of claim in the future. Along with your application and claim supplement your agent will provide underwriters with a Loss History. This will show the carriers all of the claims/pre-claims/incidences that have occurred in the last 5 years. Some carriers like to see a 10 year history. Don’t be surprised if some carriers will decline to provide a quote due to your claim(s) history. It will usually depend on the size of the claim or number of claims. The premium with your current carrier may increase as well. It is important to work with an agent that can market your application to many carriers to ensure you are getting the best coverage and the best premium For more information or to contact an agent at Professional Underwriters, Inc. please email firstname.lastname@example.org or call 248-553-8300.