Normally the retroactive date is the first day of the first year an insurance carrier begins their period of coverage.If you change to another insurance company in the future, the new insurance carrier will likely reset your retroactive date to the first day it took over as your county's new insurance carrier.Occurrence-based policies cover losses that happen during a given period of time (the policy term) and essentially continue to do so forever.As long as the loss occurred during the policy term, even if discovered a decade or more later, the occurrence-based policy that was in force at that time of the loss will respond, providing legal defense and coverage according to the policy language at that time.© Crown copyright 2015 This publication is licensed under the terms of the Open Government Licence v3.0 except where otherwise stated.To view this licence, visit uk/doc/open-government-licence/version/3 or write to the Information Policy Team, The National Archives, Kew, London TW9 4DU, or email: [email protected]
With associated legal defence costs, even winning a legal case can be an expensive process.
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Plaintiffs in both cases contended that it would have been futile to demand that the company’s board of directors pursue backdating...