Knowledge Date
Key Takeaway
The date on which the insured first became aware or should have become aware of facts that could reasonably give rise to a claim. The knowledge date is significant because most claims-made policies require that the insured have no knowledge of potential claims at the time coverage is bound.
Definition
The date on which the insured first became aware or should have become aware of facts that could reasonably give rise to a claim. The knowledge date is significant because most claims-made policies require that the insured have no knowledge of potential claims at the time coverage is bound. Prior knowledge can void coverage for the resulting claim.
Why This Matters for Law Firms
How claims are handled directly impacts your firm financially and reputationally. Understanding the claims process and related terminology helps law firm leadership make informed decisions when a claim or potential claim arises, and ensures you do not inadvertently jeopardize your coverage by failing to comply with policy requirements.
Example Usage in Context
When a partner receives a demand letter from a former client, the firm's risk manager might reference this: "We need to understand the knowledge date requirements under our policy before taking any action. Let me contact our carrier and broker immediately."
Related terms
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