What it does
CG 27 03 01 96 amending Section V – Extended Reporting Periods of claims-made CGL and products policies for specific accidents, products, work or locations, the companion to the CG 27 02 and CG 27 05 exclusions.
Who needs it
Claims-made policyholders and agents managing retroactive dates and tail coverage.
Key provisions and limits
- Used only with claims-made coverage forms.
Quoting and selling notes
- Coordinate with the new carrier's CG 27 02 or CG 27 05 so no gap is created.
- On any claims-made placement, record the retroactive date, the date coverage first began with continuous claims-made insurance, and the extended reporting options; changing carriers without matching the retroactive date can leave prior acts uninsured.
