An application process is undertaken by an organisation and its management to establish a policy for the year ahead. While the process is somewhat similar to that of other insurance classes, there are important differences. By understanding in advance what is involved, not only can any frustration be minimised, but also the best possible terms be achieved.
In this article, we will explore the application process within the context of the following coverages:
- Directors and officers liability insurance
- Employment practices liability insurance
- Management liability insurance
- D&O insurance for nonprofits
You may also find that similar concepts apply to a broad range of financial lines insurances, such as professional indemnity insurance, cyber insurance, and even crime insurance to a certain extent. Keep in mind, however, that each policy is strictly interpreted according to its own terms and conditions.
Contents
1 Application process: A definition
2 The components of a submission
3 Satisfying a duty of disclosure
4 The role of an application in the policy lifecycle
5 Who can represent an organisation in insurance matters?
6 Imputation and severability of knowledge
7 The importance of checking policy documents
8 Application process: An example
9 Conclusion
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