Is a pending and prior litigation date the same as retroactive date?

Is a pending and prior litigation date the same as retroactive date?

Directors & Officers policies contain an exclusion that removes coverage for any claim or suit that is pending as of the effective date (known or unknown). A new insurance buyer will often have a retroactive date AND the pending and prior date the same as the effective date of that first policy.

What is an insurance retroactive date?

A retroactive date is the date from which you have held uninterrupted professional indemnity insurance cover (even if you changed insurer during this time) or a date in the past from which your insurer has agreed to cover you. Any claims that arise from events prior to this date is not covered by your insurance.

Is prior and pending date same as continuity date?

Continuity date is linked to prior and pending litigation date, which means Insurers don’t cover any prior or pending litigation, and, as with any policy, They don’t cover any claims / losses / circumstances the insured may be aware of or which they’ve notified to another insurer under a previous policy.

What is the difference between retro date and continuity date?

The retro date is the earliest possible date for which you can claim your D&O policy. The continuity date is the earliest date of continuous coverage before a break or gap in that coverage.

What does prior and pending litigation date mean?

The P&P date is an ever-present feature on D&O policies. The simple purpose is to preclude cover for prior or existing litigation. As with many other lines of cover, insurance is never intended to apply to known or current problems, it is meant for future claims and proceedings, all of which is quite straightforward.

What is a prior acts exclusion date?

Prior Acts Coverage — a feature of claims-made policies that have either no retroactive date or a retroactive date earlier than the inception date of the policy. Without such a feature, the policy’s retroactive date would preclude coverage with respect to these “prior acts.”

What is the purpose of retroactive date?

Most Commercial General Liability “claims-made” policies have a retroactive date. The main purpose of the retroactive date is to eliminate coverage for situations or incidents known to the insured that has the potential to give rise to claims in the future, i.e. to prevent the purchase of retroactive insurance.

Do all claims-made policies have a retroactive date?

Retroactive Date — a provision found in many (although not all) claims-made policies that eliminates coverage for claims produced by wrongful acts that took place prior to a specified date, even if the claim is first made during the policy period.

What is pending or prior date?

The pending and prior litigation date refers to just that — litigation or claims pending at the inception of the policy or that occurred prior to the inception date of the policy. Most carriers will not pick up coverage for claims arising out of litigation that occurred in the past.

What does full prior acts mean?

Prior acts coverage protects you back to your retroactive date. Full prior acts coverage refers to a policy that provides complete protection for your previous conduct, with no retroactive date.

What does continuity date mean in insurance?

The continuity date is the earliest date that a claim can occur and be covered under a claims-made policy. For your first insurance policy, the continuity date is the effective date of the policy.

What is a pending or prior date?

Pending, Prior Litigation Date The pending and prior litigation date refers to just that — litigation or claims pending at the inception of the policy or that occurred prior to the inception date of the policy.

What is the definition of retroactive date in insurance?

Definition Retroactive Date — a provision found in many (although not all) claims-made policies that eliminates coverage for claims produced by wrongful acts that took place prior to a specified date, even if the claim is first made during the policy period.

When does a D & O policy expire does it have a retroactive date?

However, this date should remain the same when your D&O policy expires and is renewed with the same insurer. Most executive liability policies (which provide directors and officers [D&O] and other coverages) contain a pending or prior date, rather than a retroactive date.

What’s the difference between a p & p and a retroactive date?

It’s a common case of mistaken identity. The question of the difference between, and application of, the prior and pending litigation date (“P&P date”) and the retroactive date (“retrodate”) is a frequently visited conversation and can sometimes be difficult to decipher.

When to use a pending or prior date in a D & O?

Most executive liability policies (which provide directors and officers [D&O] and other coverages) contain a pending or prior date, rather than a retroactive date. Sometimes called a continuity date, the pending or prior date serves a similar purpose as a retroactive date: to eliminate coverage for past or current litigation.