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In Certain Underwriters at Lloyd’s London v. Advance Transit Co., a New York appellate cou...
New York First Department Clarifies Effect of New York Insurance Law Section 3420 on Claims Made-and-Reported Policies – JD Supra
In Certain Underwriters at Lloyd’s London v. Advance Transit Co., a New York appellate court provided valuable clarity into how New York Insurance Law section 3420 applies to claims-made-and-reported insurance policies. Underwriters issued a claims-made-and-reported liability policy to Advance Transit Co., effective October 30, 2016, to October 30, 2017. The policy provided that if it were renewed, Advance would have an additional 60 days after the expiration of the policy to report a claim to Underwriters. A personal injury claim …