Period of coverage?
Period of coverage?
The policy covers all claims stated within its validity period. However, if the claims are stated for the decisions, made prior to the policy validity period start, then it shall be regarded as the insured event as well. This is a claims made policy. Thus, an Insured event shall be regarded as occurred only when the corresponding claim was made, even if the events that gave rise to the claim had happened before. In order to identify the “reference point”, from which the events are covered, and being the source of claims, the policy shall have a retroactive date. As a rule, the date of the initial D&O policy conclusion acts as a retroactive date. This “reference point” remains intact in case of the policy prolongation to ensure continuity of the insurance coverage