Partner Jonathan Corman talks about the thorny issue of notifying “circumstances” to PI and D&O policies, including:
The distinction between “loss occurring” and “claims made” policies.
The importance of being able to notify a “circumstance” as well as “claims”.
What is a “circumstance”? What’s the difference between a circumstance defined as one which “might” give rise to a claim and one “likely” to do so?
How detailed must the notification be?
What about “block” or “blanket” notifications?
The consequences of notifying late.