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It's (Not) Just a Name Change and Other Issues. A Deep Dive into Extended Reporting Conditions

It's (Not) Just a Name Change and Other Issues. A Deep Dive into Extended Reporting Conditions

Quick Overview

What's in a name? Shakespeare would tell us that a rose by any other name would smell as sweet. But a business entity by another name might bring a big bag of confusion and confusion never smells sweet.

Join us as Fred Fisher brings his take on what insurance professionals need to know when a client requests "a simple name change". He'll help you to know what additional information you might need and why it's important to get as much clarity as possible when this happens.


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Duration 1 hour
Location Online Webinar
Formats On-Demand
Instructor Frederick FisherFrederick Fisher

We all have had a client call up and say they need a policy amended because “it's just a name change." Rarely, however, is this the case.

A sole proprietor might simply be making a change in name. or adding a DBA name.

A Corporation might change its name to a DBA or execute a name change with the Secretary of State. These do happen but are rare.

Often, it's an organizational change where an individual might be forming an LLC or a Corporation. A corporation may decide to re-brand itself as an LLC. You can see how this can get complicated. The key is whether the insured has obtained a new FEIN number from the IRS. If so, it's not a name change, it's an organizational change.

Often, the insurance brokers are the last to know, but it's important that you find out. Even more to the point, many of these organizations may also have claims made insurance policies where organizational change, change in control, or even the sale of significant assets can trigger the policy’s “run-off” provision so that any claims made against the insured arising from alleged wrongful act after the event takes place, might not be covered. This causes gaps in policies that people often forget.

This webinar will do a deep dive into these problems, and how to cure them and properly serve your clients. Bear in mind that this webinar is based on actual events.

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