Category: Making Policy Changes
If you have canceled or allowed a policy to lapse and did not secure another policy to begin effective the date your previous policy lapsed or was canceled, there is a “gap” or period of time between the prior and subsequent policies where you are uninsured. This means, if a claim arises out of a Professional Incident or therapy occurring during this “gap,” the insurance company will not be obligated to pay the claim on your behalf.
Other disadvantages to having coverage gaps:
- Insurance companies (including CPH Insurance) may decline to write a new policy on your behalf due to the gaps in your coverage.
- If a claim arises out of therapy that was conducted over a period of time during which there was a gap between policies, any assistance from any involved insurance company could become delayed or declined altogether due to the existence of a gap