Liability insurance that provides coverage for a claim that occurred before the insurance policy was purchased.
Backdated liability insurance is not an insurance product frequently offered by insurers, since the insurer cannot be certain how much the loss will amount to.
Dates (not to be confused with the social encounter or the fruit) in the insurance world are critical.
There are three specifically that are often confused with each other, but are highly crucial in insurance litigation.
The insurer will still seek to reduce the claim amount as much as possible, as the less it is forced to pay out the more it keeps in profit.
Companies purchase liability insurance coverage to protect themselves from risks that may arise in the future.
In some cases, however, there may be gaps in coverage that are only discovered after a loss event occurs.
The answer is maybe not today, maybe not tomorrow, but soon -- and at least until you can show you're getting your license back.
States, which regulate much of how insurance companies operate, don't allow insurers to cancel a customer's policy in the middle of a policy term - typically six months or one year - without a very good reason.