Issues of fraud arise in numerous contexts in the insurance industry. Not only are questions of fraud often relevant to determining the validity of claims, they also arise in determining if a claim was timely disclosed at the inception of the insuring relationship.
Professional liability insurance policies purchased by lawyers and other professionals typically contain a “prior knowledge” exclusion that bars coverage for claims that the policyholders knew about before the policy was issued. A typical prior knowledge exclusion might say that the policy does not apply to claims “arising out of any error, omission, negligent act or personal injury occurring prior to the inception date of this policy if any insured prior to the inception date knew or could have reasonably foreseen that such error, omission, negligent act or personal injury might be expected to be the basis of a claim or suit.”1
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