Professional Liability Insurance Terminology Flashcards
Define Admitted carrir
Admitted carrier is an insurance company licensed and authorized to do business in a specific state and subject to reguation by the state insurance commissioner
Non-Admitted carriers
Not permitted to such scrutiny nor included in coverage by state guarantee fund
What is a claim
Demand for money, services or property based on a right usually found in contract.
What is claims - made policy?
Date in which a claim was made is the triggering event for coverage
Define Statute of Limitations
Reported damages at discovery
Window within which damages can be reported; that begins after damages are discovered
Statute of Repose
Window within which damages can be reported that begins at the date of substantial completion
Define Betterment
When a negligence claim is due to omission (not error) betterment entails that the architect will only pay for the premium to improve the project beyond what was omitted
