It decides who controls whether your claim settles. Many E&O forms require your agreement before the insurer can settle, which matters when the allegation touches your professional reputation. The trade-off is often a hammer clause. Refuse a settlement the insurer recommends and the matter later resolves for more, and the insurer’s obligation can be capped at the amount it could have settled for. The difference stays with you. Some forms soften this to a shared percentage. It is worth reading before you need it rather than during a dispute.
Related FAQs
It is the date back to which your policy may respond. Keeping it intact when you renew or switch policies helps protect past work.
Not universally, but many professions, licensing bodies, and clients require it. We can review your situation with you.
A claims-made policy generally responds to claims made while the policy is active, provided the incident occurred after your retroactive date. Letting coverage lapse can create a gap. ...
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