The Sun is Setting on your Coverage - Don't Get Caught in the Dark
The Sun is Setting on your Coverage - Don't Get Caught in the Dark
April 26th, 2023
Not all sunsets are beautiful. In fact, some are downright unattractive, such as the “Sunset” that appears in most Contingent Liability policies.
Contingent Liability policies provide Motor Carriers with a layer of protection from Workers Compensation claims made by Independent Contractors. The policy usually covers the costs for both legal defense and any associated indemnity payments should such an allegation be upheld in court.
Contingent Liability policies provide a valuable safeguard against unexpected liabilities - but they come with an expiration date. The Sunset clause within these policies sets the maximum timeframe that must be observed for reporting claims, typically one to three years, after which no coverage is available if left unreported.
It's critically important for Insurance Agents to be aware of the Sunset period in Contingent Liability policies. Missing this deadline could result in a hefty financial loss to the Motor Carrier and potential Errors and Omissions claims against the Insurance Agent.
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