I have just uploaded the first draft of my professional indemnity insurance guide which I hope you will find useful and interesting.
I was motivated to write it after trying to read the Wikipedia page on Professional Liability Insurance (what we in the UK call professional indemnity). Take a look if you like, but it is pretty unreadable e.g.
Professional liability insurance policies are generally set up based on a claims-made basis, meaning that the policy only covers claims made during the policy period. More specifically, a typical policy will provide indemnity to the insured against loss arising from any claim or claims made during the policy period by reason of any covered neglect, error or omission committed in the conduct of the insured’s professional business during the policy period. Claims which may relate to incidents occurring before the coverage was active may not be covered, although some policies may have a retroactive date, such that claims made during the policy period but which relate to an incident after the retroactive date (where the retroactive date is earlier than the inception date of the policy) are covered.
That is the Wikipedia explanation of the single concept that seems to be most difficult for buyers of professional indemnity to understand:- The time limits that apply to cover and the difference between the period of insurance and the retroactive date of the policy.
This is quite a complicated feature of professional indemnity insurance and I find that many insurance brokers, plenty of lawers and most policyholders get confused by it.
I will re-visit the time aspects of professional indemnity in a future guide, probably with some pictures to illustrate how the various time limits interact to determine whether a liability is covered or not.
I hope that you find the guide so far useful.