Insurance Glossary

Prior Acts Coverage

General

Definition

Coverage under a claims-made policy for incidents that occurred before the policy's retroactive date, protecting against claims for past work when switching insurers.

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Related Terms

Claims-Made Policy
An insurance policy that covers claims only if both the incident and the claim occur during the policy period or extended reporting period.
Retroactive Date
The date in a claims-made policy before which incidents are not covered, even if the claim is made during the policy period.
Professional Liability Insurance
Also known as Errors and Omissions (E&O) insurance, this coverage protects professionals against claims of negligence, mistakes, or failure to perform professional duties.
Accident
An unexpected event or circumstance without deliberate intent that results in injury, damage, or loss.
Collision Coverage
Insurance coverage that pays for damage to your vehicle resulting from a collision with another vehicle or object.
Comprehensive Coverage
Insurance coverage for damage to your vehicle from causes other than collision, such as theft, vandalism, fire, weather events, or hitting an animal.
Coverage
The scope of protection provided under an insurance policy, including the types of losses and risks that are covered.
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