Claims Made Policy

USNA Signing Agent E&O Insurance coverage is a "claims made" policy that only responds if the claim is presented while the insurance is in force. If the policy expires or is cancelled, claims will be denied unless "tail coverage"** is purchased effective the day the policy expired or was cancelled.

Defense costs are a part of the limit of the liability in the policy and the payment by the company of defense costs reduces and may totally exhaust the limit of liability (the amount left to pay your claim).

With a claims made policy:

• Coverage is activated when a claim is made
• Claim must be made during the policy period
• Claim must be reported during the policy period**
• The wrongful act must occur on or after the first day the policy becomes effective; there can be no gaps in coverage, not even one day**
• Any claim made prior to the first day of coverage will not be covered

**Tail coverage—is available for up to three years for claims that may be presented after your policy expires or is cancelled and normal coverage ceases. You may only make this purchase at the time the policy expired or is cancelled.