You should use an experienced broker to help manage your program
of insurances, including reviewing the details of the insurance
cover annually, immediately prior to renewal.
In the first part of this article we outlined, at a high level,
some of the key features of common insurance policies purchased by
organisations. In this second part, we set out some practical
guidance on notifying and settling a Claim and renewing a
policy.
When do you have to notify your insurer of a potential
Claim?
When something goes wrong, in-house counsel should consider
whether there is any need to notify one or more of its insurer
under a particular insurance policy that might respond.
Notifications under occurrence-based policies such as an ISR policy
should be made when an occurrence covered by the policy occurs.
Knowing when to notify an insurer under claims-made liability
insurance policies is not as straightforward.
