Policy Period
Key Takeaway
The dates during which an insurance policy provides active coverage, typically running from the inception date to the expiration date. For claims-made policies, claims must be first reported during the policy period to trigger coverage.
Definition
The dates during which an insurance policy provides active coverage, typically running from the inception date to the expiration date. For claims-made policies, claims must be first reported during the policy period to trigger coverage. Most legal malpractice policies run for twelve-month periods with annual renewal.
Why This Matters for Law Firms
Understanding this concept is essential for law firms because it directly affects how your coverage responds when a claim is filed. Misunderstanding policy structure terms can leave your firm exposed to uninsured losses, particularly during carrier transitions or when claims surface years after the underlying work was performed.
Example Usage in Context
A managing partner reviewing the firm's renewal materials might ask the broker: "Can you confirm our policy period aligns with what we had under the prior carrier? We want to make sure there are no gaps in our retrospective protection."
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