Kenneth Portner of Weber Gallagher Simpson Stapleton Fires & Newby.
Claims-made insurance policies provide coverage for claims made during the policy period regardless of when the events out of which the claim arose occurred. Many claims-made insurance policies also require that the insured provide notice of the claim to the insurer “as soon as practicable” in addition to the requirement of notice during the policy period (sometimes referred to as “claims-made and reported policies”).
Generally, notice during the policy period or extended reporting period is treated as an absolute condition precedent to coverage under a claims-made and reported policy. If an insured fails to report the claim during the policy period or extended reporting period, coverage is not available, regardless of the circumstances. Attempts by insureds to apply the notice-prejudice rule applicable to “occurrence” policies to claims-made policies have been largely unsuccessful.
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