Watch the full video at https://youtu.be/ROzLqTpsa6Qebrit19659002??Claimers and claims and reported policies contain a certain notice period. In Colorado, the Colorado Supreme Court ruled:
“The application-bias rule does not apply to a date-specific termination claim in an insurance policy. In an insurance policy, the date-specific termination requirement defines the scope of the coverage. To excuse late termination in violation of such a requirement would thus rewrite a basic term in the insurance contract. ”( Craft v. Philadelphia Indemnity Insurance Company 2015 CO 11, 343 P.3d 951)
The conceptual differences between occurrence and liability insurance policy are at the heart of this case. The Colorado Division of Insurance defines an event policy as "an insurance policy that only provides liability insurance for damage or damage that occurs during the insurance period, regardless of when the claim is actually made." (3 Colo. Code Regs. 702–5: 5–1–8 (2014).)
Damaged insurances usually contain a second type of termination claim that does not exist in event policies: the requirement that the insured notifies a claim within the insurance period or a defined reporting period thereafter. Such a requirement for notice period fulfills a very different function than a requirement for prompt notification.
If a prompt notice requirement allows the insurer to investigate the claim and negotiate with the third party claiming the claim, the date-specific notice requirement defines the temporary limits of the policy's basic coverage terms.
© 2020 – Barry Zalma
Barry Zalma, Esq., CFE, now limits his practice to employment as an insurance consultant specializing in insurance coverage, insurance claims handling, bad faith insurance and insurance fraud almost equal to insurance companies policyholder. He also acts as an arbitrator or mediator for insurance-related disputes. He practiced law in California for more than 44 years as an insurance coverage and attorney-at-law attorney and more than 52 years in the insurance industry. He is available at http://www.zalma.com and email@example.com.
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