Insurance contracts are read and interpreted differently from standard commercial agreements. In an insurance policy, the declarations page summarizes coverage details, the insuring agreement sets the scope of protection, and endorsements modify the base terms.
In response to an event causing liability, insurance policies are triggered by either an occurrence during the policy period (typically associated with CGL insurance) or a claim made within the policy period.
How an insurance policy defines terms like “insured,” “loss,” “claim,” and “wrongful act” can greatly influence coverage. Broader definitions, fewer critical exclusions, complete coverage for all necessary entities, and the ability to choose defense counsel may all strengthen coverage.
Learn more by viewing the full “Insurance Practical Tips and Trends” CLE webinar by registering here and clicking the “On-demand program access” link.