Each year the insurance companies supporting the Professional Liability Insurance Program administered by RECO change for the upcoming year. Sometimes the changes are small, other times they are large. Regardless, it is important that claims be reported in a timely fashion to protect your coverage, as reporting a claim within the policy year is a condition of coverage.
What does this mean to you?
Your professional liability insurance coverage is on a “claims made” basis, which means it covers any claims you become aware of during the policy year. Because the insurers are changing, it is important that you report claims by the end of the policy year, which is August 31st of each year. If you are aware of any potential or actual claims on or before that date, you should report them immediately.
What is a claim?
A claim includes a written or verbal threat or demand for compensation, whether formal or not, and includes lawsuits filed against you, or a notice of arbitration. A claim is also a circumstance or situation that you are aware of that may result in a demand for compensation.
Key Dates and Reporting Instructions
The policy term is September 1st to August 31st. Any claims or circumstances that you become aware of from this period should be reported no later than midnight on August 31st.
Claims must be reported by completing the notice of claim form, and submitting it to the program claims adjuster, ClaimsPro LP.
If you have any questions about whether any matter constitutes a claim or a circumstance prior to August 31st, you should contact ClaimsPro LP for clarification. You should also be aware that Commission Protection and Consumer Deposit coverages under the current policy also fall into this category, so any new occurrences under those coverages also ought to be reported by August 31st.
Although the insurers supporting the policy coverage are changing each year, your claims service continues to be provided by ClaimsPro LP, and insurance brokerage services continue to be provided by Alternative Risk Services.