As insurers under D&O policies respond to the claims activity likely to be generated by the subprime mortgage crisis, they should consider whether their policyholders are complying with notice provisions commonly found in 'claims-made' policies dealing with notice of potential claims and the submission of claims outside of the current policy period.
Notice-of-Circumstances Provisions in Claims-Made Policies
As insurers under D&O policies respond to the claims activity likely to be generated by the subprime mortgage crisis, they should consider whether their policyholders are complying with notice provisions commonly found in 'claims-made' policies dealing with notice of potential claims and the submission of claims outside of the current policy period. This easily overlooked issue has potentially serious consequences for an insurer ' affecting the scope of its coverage obligations and the exposure of its limits. In coverage litigation, courts have often found that policyholders who fail to comply with these 'notice-of-circumstances' clauses are not entitled to coverage.
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