Can I start out with one type of policy and switch to the other?
Yes. There are several things to keep in mind, depending on the situation:
Switching from a claims-made policy to an occurrence policy
In this case, you may not have coverage for claims reported after the termination date of your claims-made policy. To be protected, you'd need to purchase an extended reporting period endorsement (tail coverage).
Switching from an occurrence policy to a claims-made policy
To avoid gaps, it is important to make sure the retroactive date of your claims-made policy is no later than the termination date of your occurrence policy. Then, when you end your claims-made policy, you'll need to obtain tail coverage to protect yourself against claims which may be reported after your coverage ends.
Switching to a claims-made policy with NCMIC from another claims-made policy
You may want to request NCMIC coverage dating back to your original claims-made policy retroactive date. That way, you'll have protection for claims that may eventually be filed as a result of incidents that happened prior to moving to NCMIC. Contact us before you terminate your other coverage so we can help you avoid any gaps in coverage.
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