Sec.38a-327-1. Definitions

As used in Sections 38a-327-1 to 38a-327-6, inclusive:

(a) "Claims-made policy" means an insurance policy or an endorsement to an insurance policy that covers liability for injury or damage that the insured is legally obligated to pay (including injury or damage occurring prior to the effective date of the policy, but subsequent to the retroactive date, if any), arising out of incidents, acts or omissions, as long as the claim is first made during the policy period or any extended reporting period.

(b) "Claim" means written notice of any act or omission of the insured, or of any incident, alleged to have caused injury or damage that the insured is legally obligated to pay, whether or not constituting a legal complaint.

(c) "Incident" means a specific act, omission, occurrence or circumstance which may reasonably result in a claim.

(d) "Commissioner" means the Insurance Commissioner of the State of Connecticut.

(e) "Retroactive date" means a date concurrent with the effective date of the policy or with the effective date of coverage for a new operation or location added to the policy, or a specified date prior to the effective date of the policy upon which the insurer and insured agree in the policy that coverage will be applicable.

(f) "Additional extended reporting period coverage" means:

(1) For policies described in Section 38a-327-2 (1), (2), (3) and (5), coverage for that period of time specified in the policy wherein claims first made after the termination of coverage under the policy, for acts, errors or omissions that occur on or after the retroactive date, if any, but prior to expiration of the policy term will be considered made during the policy term;

(2) For all other types of policies, coverage for that period of time specified in the policy wherein claims first made after the termination of coverage under the policy, for injury or damage that occurs on or after the retroactive date, if any, but prior to expiration of the policy term will be considered made during the policy term.

(g) "Automatic extended reporting period coverage" means coverage for that period of time specified in the policy wherein claims first made after the termination date of the policy but within thirty (30) days of the termination date of the policy will be considered first made during the policy term.

(h) "Aggregate limit" means the specified maximum limit of liability which shall apply for each policy term as the total limit for one or more claims.

(i) "Excess liability policy" means any commercial liability policy, other than an excess motor vehicle liability policy, written over: (1) one or more underlying liability policies that in the aggregate provide primary coverage of at least one million dollars ($1,000,000); or (2) a liability self-insured retention of at least fifteen million dollars ($15,000,000).

(j) "Termination of coverage" means, whether made by the insurer or the insured at any time: (1) cancellation or nonrenewal of a policy; or (2) decrease in limits, reduction of coverage, increased deductible or self-insured retention, new exclusion, or any other change in coverage less favorable to the insured.

(k) "Named insured" means: (1) the first named insured, with respect to directors and officers liability, employee benefits liability and fiduciary liability policies, and (2) all named insureds, with respect to all other types of claims-made policies.

(Effective September 25, 1992; Amended September 9, 2013)