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chiwas | What is Retroactive Date for a General Liability Policy? |
Could some one give me a couple of examples of what retroactive date mean??? |
 |
 
Rebekah
|
Ok, so say all the applications, payments etc, were all complete on January 15, but the policy application stated a January 1 start date. That means you will have been covered retroactively(back) to Jan 1. If anything happened between the first and fifteenth, when you received final approval, you would have been covered. |
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mbrcatz
|
Those two answers are both wrong.
On a liability policy, there are several "forms" that you can choose from, to name when a claim can be covered. Three come to mind: Occurrence, the most common, means we'll cover any claim that happens during the policy period. Claims made, very common on professional liability policies like malpractice, or directors and officers, which means we'll cover claims made during the policy period, is what you're asking about - because it only covers claims that BOTH happen after the "retroactive" date, and are made during the policy period (or a short time thereafter, defined in the policy, but usually 6 - 18 months after the policy expires). The retroactive date is NORMALLY the date the policy first went into place.
A new doctor that just bought his first malpractice policy 01/01/08 is going to have a retro date of 01/01/08. The policy is only going to cover claims made during the 2008 year, that OCCURRED after 01/01/08.
But a doctor that's been practicing for 5 years, well, he's renewed his policy five times, his retro date is 01/01/2003. So his policy will cover claims made during 2008, from incidences that happened since 01/01/2003.
That's why malpractice gets more expensive, the longer you're in practice - because it covers a larger and larger time period - as defined by the retroactive date. |
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magoo&me
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awesome answer mcrbratz, and guys & gals, the only correct one. |
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Insuranceman
 |
Good answer, MB! Also sometimes referred to as "the tail" - it's real common in E&O insurance and other types as well. You can think about it in the lines of all of the asbestosis claims - who would have thought 20-25 years ago that asbestos was a BAD thing?!!? |
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orangeyellowred*
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DEC 21st. the longest day of the year
aka the shortest |
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TedEx
 |
it btakes a few days for a policy to be processedand issued.
Suppose you contact an agent, you want auto coverage and you plan to buy a new car effective Dec 29.
Dec 30 is a Sun, 31st is new years eve, no one is working, Jan 1 is a holiday, so the policy would be issued retro to jan 29, the daye on which you expressed an interest for insurance.
An agent has the power to make a verbal binder, he says " You;re covered, that will cost you -----/' So, you are covered, nowwe have to do thepaperwork, and you shouldn;t be npenalized because the paperwork takes a few days. Binders are only good for a couple days . Just long enough to do the paperwork. |
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