What it does
CG 27 05 01 96 for use with products claims-made policies, excluding scheduled accidents, products, work or locations.
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 CG 27 03 on the prior policy.
- 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.
- Products claims-made programs are common for pharmaceuticals and medical devices; review the retroactive date at every renewal.
