Professional Liability Insurance - Beware of a Lapse in Coverage 48713712843221534-blid-7118815641023902538

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If you have a professional liability (errors & omissions) policy, lapsing your policy for even one day can leave you open to a potentially devastating lawsuit down the road. Most E&O policies are written on "claims made" basis. This means that the policy covers claims that are reported during the current policy period, even if the claim happened in the past.
from: http://ezinearticles.com/?Professional-Liability-Insurance---Beware-of-a-Lapse-in-Coverage&id=3076459