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In a 2017 article, I issued a cautionary tale about the dangers inherent in switching professional liability insurers. Specifically, I warned that so-called full prior acts coverage does not offer complete protection unless accompanied by continuity in the prior knowledge date in the existing policy.
To be clear, professional liability insurers (which write policies on a claims-made or a claims-made-and-reported basis) do not typically provide coverage for claims that are foreseeable at the time of transition and, therefore, there can be gaps in coverage even where back-to-back policies are in place.
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