A Claims Made Errors & Omissions Liability policy will also have such conditions as a retro-active date. A retro-active date is the effective the date that the policy is officially placed for the first time, essentially when the coverage for professional services commence. If, however, you or your firm has offered professional services prior to this first effective date of professional services then the Claims Made policy will not afford coverage.
This is an area that the specialist at FCA Insurance Brokers can provide appropriate advice and direction to avoid any unfunded liabilities. Once a retro-active date has been established then this date should always be noted on the declaration of the policy documents. In some cases, the insurer may offer an open retro-active date.