Insurance is my life, my career, my profession. I joined US Risk in November, 2005 and am based in the Nashville, TN branch office.
I'm active in industry associations and work as a wholesaler broker, almost exclusively with professional liability lines. The majority of my clients are main street agents who rely upon me to provide the technical expertise and market knowledge to allow them to easily and efficiently write professional liability accounts of all shapes and sizes.
Incident Sensitivity, Part 1 (3/13/08 Knowledge Knugget)
What is "Incident Sensitivity"?
The term "incident sensitive" is most common in medical malpractice, but the concept is universal in professional liability and critical in claims-made policies.
In D&O policies and some other E&O forms, it's known as a "discovery provision"
Incident sensitivity allows the insured to put its carrier on notice of potential claims, circumstances that the insured reasonably believes could arise in a claim, or an act that could be "wrongful" and result in a later claim.
Once such an incident or circumstance is reported, the carrier will respond to a future claim arising therefrom as if that claim had been reported during the policy period.
Why is this important? Tune in to next week's Knowledge Knugget to find out.