Directors and officers

Source ledger

18 sources. Every citation number above resolves to a record below. Nothing here sits behind an account.

1. [1]

   California Civil Code Section 5805 (member liability protection, conditioned on the association's general liability limits)(opens the original record on California Legislative Counsel (leginfo.legislature.ca.gov))

   California Legislative Counsel (leginfo.legislature.ca.gov)Primary lawPrimaryJurisdiction CAEffective January 1, 2014Last checked September 5, 2026Updates: Amended only by legislation. Added by Stats. 2012, Ch. 180, Sec. 2 (AB 805), effective January 1, 2013, operative January 1, 2014 by Sec. 3 of Ch. 180.ID ca-civ-code-5805

   What this source supports (5)

   • Section 5805(a) states the Legislature's intent to provide civil liability protection to owners of separate interests in common interest developments that have commonly owned tenancy-in-common property, provided the association maintains specified insurance coverage for tort causes of action.
   • Section 5805(b) provides that a tort cause of action against an owner of a separate interest, brought solely by virtue of that owner's tenancy-in-common interest in the common area, shall be brought against the association and not against the individual owners, if both of the requirements in the subdivision are met.
   • Section 5805(b)(1) requires that the association maintained and had in effect one or more policies of general liability insurance covering the cause of action.
   • Section 5805(b)(2)(A) sets the required coverage at at least two million dollars ($2,000,000) where the common interest development consists of 100 or fewer separate interests.
   • Section 5805(b)(2)(B) sets the required coverage at at least three million dollars ($3,000,000) where the common interest development consists of more than 100 separate interests.

   The thresholds here are higher than the ones in section 5800 and they protect a different group. Section 5800 caps a volunteer director's personal exposure at the limits carried; section 5805 redirects a tort claim away from the individual owners entirely, and only where the association carries at least the amounts stated. Both are conditioned on insurance the association may or may not actually have, which is why the annual disclosure under section 5300 and the lapse notice under section 5810 matter to an owner rather than only to the board.

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2. [2]

   California Civil Code Section 5800 (volunteer director and officer liability, conditioned on the association's insurance)(opens the original record on California Legislative Counsel (leginfo.legislature.ca.gov))

   California Legislative Counsel (leginfo.legislature.ca.gov)Primary lawPrimaryJurisdiction CAEffective January 1, 2018Last checked September 5, 2026Updates: Amended only by legislation. Last amended by Stats. 2017, Ch. 278, Sec. 2 (AB 1412), effective January 1, 2018.ID ca-civ-code-5800

   What this source supports (9)

   • Section 5800(a) provides that a volunteer officer or director described in subdivision (e) of an association that manages a residential or mixed use common interest development shall not be personally liable in excess of the coverage of insurance specified in paragraph (4) to any person who suffers injury, including but not limited to bodily injury, emotional distress, wrongful death, or property damage or loss, as a result of the tortious act or omission of that volunteer officer or director, if all of the criteria in the subdivision are met.
   • Section 5800(a)(1) through (a)(3) require that the act or omission was performed within the scope of the officer's or director's association duties, was performed in good faith, and was not willful, wanton, or grossly negligent.
   • Section 5800(a)(4) requires that the association maintained and had in effect, both at the time the act or omission occurred and at the time a claim is made, one or more policies of insurance including coverage for general liability of the association and coverage for individual liability of officers and directors of the association for negligent acts or omissions in that capacity.
   • Section 5800(a)(4)(A) and (a)(4)(B) set the minimum amounts for both types of coverage at at least five hundred thousand dollars ($500,000) where the common interest development consists of 100 or fewer separate interests, and at least one million dollars ($1,000,000) where it consists of more than 100 separate interests.
   • Section 5800(b) provides that the payment of actual expenses incurred by a director or officer in the execution of the duties of that position does not affect that person's status as a volunteer within the meaning of the section.
   • Section 5800(c) provides that an officer or director who at the time of the act or omission was a declarant, or who received direct or indirect compensation as an employee from the declarant or from a financial institution that purchased a separate interest at a judicial or nonjudicial foreclosure, is not a volunteer for purposes of the section.
   • Section 5800(d) provides that nothing in the section shall be construed to limit the liability of the association for its own negligent act or omission or for any negligent act or omission of an officer or director of the association.
   • Section 5800(e) limits the section to a volunteer officer or director who is a tenant of a residential separate interest in the common interest development, or is an owner of no more than two separate interests whose ownership in the development consists exclusively of residential separate interests.
   • Section 5800(f)(1) provides that the scope of association duties for purposes of subdivision (a)(1) includes, but is not limited to, the decision whether to conduct an investigation of the common interest development for latent deficiencies prior to the expiration of the applicable statute of limitations, and the decision whether to commence a civil action against the builder for defects in design or construction.

   The protection is a cap rather than an immunity, and the cap is the amount of insurance carried. An association that lets the directors and officers coverage lapse does not expose the association alone; it removes the ceiling on its volunteers' personal exposure. Note also that the section protects a narrow class: subdivision (e) excludes a director who owns three or more separate interests, and subdivision (c) excludes a declarant.

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3. [3]

   California Civil Code Section 5806 (required crime, employee dishonesty or fidelity bond coverage)(opens the original record on California Legislative Counsel (leginfo.legislature.ca.gov))

   California Legislative Counsel (leginfo.legislature.ca.gov)Primary lawPrimaryJurisdiction CAEffective January 1, 2022Last checked September 5, 2026Updates: Amended only by legislation. Last amended by Stats. 2021, Ch. 270, Sec. 3 (AB 1101), effective January 1, 2022.ID ca-civ-code-5806

   What this source supports (5)

   • Section 5806 requires that, unless the governing documents require greater coverage amounts, the association shall maintain crime insurance, employee dishonesty coverage, fidelity bond coverage, or their equivalent, for its directors, officers, and employees.
   • Section 5806 sets the required amount at an amount that is equal to or more than the combined amount of the reserves of the association and total assessments for three months.
   • Section 5806 requires that the coverage maintained by the association also include protection in an equal amount against computer fraud and funds transfer fraud.
   • Section 5806 provides that if the association uses a managing agent or management company, the association's crime insurance, employee dishonesty coverage, fidelity bond coverage, or their equivalent, shall additionally include coverage for, or otherwise be endorsed to provide coverage for, dishonest acts by that person or entity and its employees.
   • Section 5806 provides that self-insurance does not meet the requirements of the section.

   This is the one insurance requirement in the Davis-Stirling Act stated as a duty on the association rather than as a condition of somebody's liability protection. Three features are routinely missed: the amount floats with reserves and assessments rather than being a fixed figure, so it has to be revisited as reserves grow; computer fraud and funds transfer fraud must be covered in an equal amount, which a plain fidelity bond may not do; and the managing agent must be brought inside the coverage, which is where the loss most often originates.

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4. [4]

   California Civil Code Section 5551 (inspection of exterior elevated elements: balconies, decks, stairways and walkways)(opens the original record on California Legislative Counsel (leginfo.legislature.ca.gov))

   California Legislative Counsel (leginfo.legislature.ca.gov)Primary lawPrimaryJurisdiction CALast checked September 5, 2026Updates: Amended only by legislation; verify the current text and the current deadline provisions on leginfo before relying on them.ID ca-civ-code-5551

   What this source supports (6)

   • Section 5551(a)(2) defines exterior elevated elements as the load-bearing components together with their associated waterproofing system.
   • Section 5551(a)(3) defines load-bearing components as those components that extend beyond the exterior walls of the building to deliver structural loads to the building from decks, balconies, stairways, walkways, and their railings, that have a walking surface elevated more than six feet above ground level, that are designed for human occupancy or use, and that are supported in whole or in substantial part by wood or wood-based products.
   • Section 5551(b)(1) requires the inspection to be performed by a licensed structural engineer or architect and to be carried out at least once every nine years.
   • Section 5551(i) required the first inspection to be completed by January 1, 2025.
   • Section 5551(k) requires that, for a building for which a certificate of occupancy was issued after the section's operative provisions applied, the inspection occur no later than six years following the issuance of that certificate of occupancy.
   • Section 5551(g)(1) provides that where the inspector advises that an exterior elevated element poses an immediate threat to the safety of the occupants, the inspector shall provide a copy of the report to the association immediately and to the local code enforcement agency within 15 days, and the association shall take preventive measures immediately, including preventing occupant access to the exterior elevated element until repairs have been inspected and approved.

   Recorded because it is now an underwriting input rather than only a compliance obligation. The definition is narrower than balcony: the walking surface must be more than six feet above ground level and the element must be supported in whole or substantial part by wood or wood-based products, so a concrete podium deck is outside it. The dates in subdivisions (i) and (k) are the ones most likely to move by amendment, and the effective date of the current text was not established at the time this record was written, which is why lastCheckedBasis is access rather than recheck.

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5. [5]

   California Civil Code Section 5300(b)(9) (the insurance summary in the annual budget report, and its required disclaimer)(opens the original record on California Legislative Counsel (leginfo.legislature.ca.gov))

   California Legislative Counsel (leginfo.legislature.ca.gov)Primary lawPrimaryJurisdiction CALast checked September 5, 2026Updates: Amended only by legislation; verify the current text on leginfo before relying on it.ID ca-civ-code-5300

   What this source supports (6)

   • Section 5300(b)(9) requires the annual budget report to include a summary of the association's property, general liability, earthquake, flood, and fidelity insurance policies.
   • Section 5300(b)(9) requires that, for each policy, the summary include the name of the insurer, the type of insurance, the policy limit, and the amount of the deductible, if any.
   • Section 5300(b)(9) requires the summary to be accompanied by a statement, in at least 10-point boldface type, that the summary provides only certain information as required by Section 5300 of the Civil Code and should not be considered a substitute for the complete policy terms and conditions contained in the actual policies of insurance.
   • The required statement tells members that any association member may, upon request and provision of reasonable notice, review the association's insurance policies and, upon request and payment of reasonable duplication charges, obtain copies of those policies.
   • The required statement tells members that although the association maintains the policies of insurance specified in the summary, the association's policies of insurance may not cover the member's property, including personal property or real property improvements to or around the dwelling, or personal injuries or other losses that occur within or around the dwelling.
   • The required statement tells members that even if a loss is covered, the member may nevertheless be responsible for paying all or a portion of any deductible that applies, and that association members should consult with their individual insurance broker or agent for appropriate additional coverage.

   The disclaimer is the most useful paragraph in the Davis-Stirling Act for an individual owner, and it is written by the Legislature rather than by an insurer or a broker. It says in the statute's own words that the association's policies may not reach the owner's improvements, personal property, or injuries at the dwelling, and that a covered loss can still leave the owner paying a deductible. Recorded here in the statute's terms; the amount of any particular association's deductible and who bears it under its governing documents are separate questions this record does not answer.

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6. [6]

   California Civil Code Section 5810 (notice to members when a disclosed policy lapses or changes)(opens the original record on California Legislative Counsel (leginfo.legislature.ca.gov))

   California Legislative Counsel (leginfo.legislature.ca.gov)Primary lawPrimaryJurisdiction CAEffective January 1, 2014Last checked September 5, 2026Updates: Amended only by legislation. Added by Stats. 2012, Ch. 180, Sec. 2 (AB 805), effective January 1, 2013, operative January 1, 2014 by Sec. 3 of Ch. 180.ID ca-civ-code-5810

   What this source supports (3)

   • Section 5810 requires the association, as soon as reasonably practicable, to provide individual notice pursuant to Section 4040 to all members if any of the policies described in the annual budget report pursuant to Section 5300 have lapsed, been canceled, and are not immediately renewed, restored, or replaced.
   • Section 5810 requires that same individual notice if there is a significant change as to any of those policies, such as a reduction in coverage or limits or an increase in the deductible.
   • Section 5810 requires that, if the association receives any notice of nonrenewal of a policy described in the annual budget report pursuant to Section 5300, the association shall immediately notify its members if replacement coverage will not be in effect by the date the existing coverage will lapse.

   The trigger is not limited to cancellation. A reduction in limits or an increase in the deductible is a significant change and carries the same notice duty, which is the part most likely to go unreported in a hard market where a renewal is placed at lower limits rather than declined outright. The duty attaches only to policies described in the annual budget report, so what section 5300 discloses determines what section 5810 covers.

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7. [7]

   California Civil Code Section 4775 (who repairs, replaces and maintains what in a common interest development)(opens the original record on California Legislative Counsel (leginfo.legislature.ca.gov))

   California Legislative Counsel (leginfo.legislature.ca.gov)Primary lawPrimaryJurisdiction CAEffective January 1, 2025Last checked September 5, 2026Updates: Amended only by legislation. Last amended by Stats. 2024, Ch. 288, Sec. 1 (SB 900), effective January 1, 2025.ID ca-civ-code-4775

   What this source supports (4)

   • Section 4775(a)(1) provides that except as provided in paragraph (4), unless otherwise provided in the declaration of a common interest development, the association is responsible for repairing, replacing, and maintaining the common area.
   • Section 4775(a)(3) provides that unless otherwise provided in the declaration of a common interest development, the owner of each separate interest is responsible for repairing, replacing, and maintaining that separate interest.
   • Section 4775(a)(4) provides that unless otherwise provided in the declaration of a common interest development, the owner of each separate interest is responsible for maintaining the exclusive use common area appurtenant to that separate interest and the association is responsible for repairing and replacing the exclusive use common area.
   • Section 4775(a)(1), (a)(3) and (a)(4) each open with the qualifier that they apply unless otherwise provided in the declaration, so the statutory allocation is a default that a particular development's declaration may displace.

   This section is not an insurance provision and is the reason the insurance questions are hard. It splits maintaining from repairing and replacing on exclusive use common area: the owner maintains, the association repairs and replaces. Every clause is subject to the declaration, so a reading of the statute alone cannot tell any particular owner what they are responsible for. The record is here because the association's policy and the owner's policy are written against this split, and a gap between them usually traces to it.

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8. [8]

   11 NYCRR 73.1 - Definitions (Regulation 121, claims-made policies)(opens the original record on Legal Information Institute, Cornell Law School (unofficial republication of the New York Codes, Rules and Regulations))

   Legal Information Institute, Cornell Law School (unofficial republication of the New York Codes, Rules and Regulations)SecondarySecondaryJurisdiction NYThird-party reproductionLast checked August 31, 2026Updates: changes when the New York Department of Financial Services amends Regulation 121; the mirror is republished on Cornell's own scheduleID ny-11-nycrr-73-1

   What this source supports (5)

   • Defines a claims-made policy as an insurance policy that covers liability for injury or damage 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.
   • Defines an occurrence policy as one that covers liability for injury or damage arising out of incidents, acts or omissions that occurred during the policy period, and where a claim may be made during or subsequent to the policy period.
   • Defines a retroactive date as a date concurrent with the effective date of the policy, or a particular date prior to the effective date of the policy, upon which the insurer and insured agree in the policy that policy coverage will be applicable.
   • Defines extended reporting period coverage (tail coverage) as coverage for that period of time specified in the policy wherein claims first made after termination of coverage under the policy, for injury or damage that occurs during the policy term or that occurs on or after the retroactive date, if any, will be considered made during the policy term.
   • Defines the claims-made relationship as the period between the effective date of the first claims-made policy between the insurer and the insured and the cancellation or nonrenewal of the last consecutive claims-made policy between such parties, where there has been no gap in coverage, and states that it does not include any period covered by extended reporting period coverage.

   Fetched 2026-08-31 and all five definitions read verbatim off the page. This is Cornell LII's unofficial republication, not the state's own publication, so it is recorded as a secondary mirror of primary law; the official citation is 11 NYCRR 73.1. The page does not state an adoption or amendment date, so publishedDate and effectiveDate are left unknown rather than guessed.

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9. [9]

   11 NYCRR 73.2 - Applicability (Regulation 121, claims-made policies)(opens the original record on Legal Information Institute, Cornell Law School (unofficial republication of the New York Codes, Rules and Regulations))

   Legal Information Institute, Cornell Law School (unofficial republication of the New York Codes, Rules and Regulations)SecondarySecondaryJurisdiction NYThird-party reproductionLast checked August 31, 2026Updates: changes when the New York Department of Financial Services amends Regulation 121; the mirror is republished on Cornell's own scheduleID ny-11-nycrr-73-2

   What this source supports (2)

   • Enumerates the coverages for which claims-made policies may be written in New York, which include completed operations liability, directors and officers liability, employee benefits liability, errors and omissions liability, excess liability, fiduciary liability, pollution and environmental impairment liability, public entity liability, products liability, professional liability including medical malpractice liability, ski resort liability, employment practices liability, and risks specified in paragraph (d)(1).
   • Provides that claims-made coverage shall not be permitted for motor vehicle liability, or for any liability risk or coverage subject to section 3425 of the Insurance Law.

   Fetched 2026-08-31. The enumerated list and the prohibition were read off the page. Unofficial Cornell LII mirror; official citation is 11 NYCRR 73.2. The section also contains premium and limit thresholds for large commercial insureds that this bundle does not rely on and therefore does not list here.

   ActiveReproduction
10. [10]

    11 NYCRR 73.3 - Terms and conditions of claims-made policies(opens the original record on Legal Information Institute, Cornell Law School (unofficial republication of the New York Codes, Rules and Regulations))

    Legal Information Institute, Cornell Law School (unofficial republication of the New York Codes, Rules and Regulations)SecondarySecondaryJurisdiction NYThird-party reproductionLast checked August 31, 2026Updates: changes when the New York Department of Financial Services amends Regulation 121; the mirror is republished on Cornell's own scheduleID ny-11-nycrr-73-3

    What this source supports (8)

    • Provides in subdivision (b) that a retroactive date may not be changed during the term of the claims-made relationship and any extended reporting period.
    • Requires in subdivision (d) that upon termination of coverage a 60-day automatic extended reporting period, or 90 days in the case of public entity liability insurance policies, must be provided by the insurer.
    • Provides in subdivision (f) that, except as provided in subdivision (g) of the section and sections 73.4 and 73.5 of the Part, upon termination of coverage an insurer must offer the insured a three-year extended reporting period.
    • Lists in subdivision (g) eight coverages for which the offer is a one-year extended reporting period rather than three years: (1) directors and officers liability, except not-for-profit organizations; (2) employee benefits liability; (3) fiduciary liability; (4) public entity liability; (5) pollution and environmental impairment liability; (6) ski resort liability subject to section 73.2(f); (7) employment practices liability; and (8) policies issued or renewed pursuant to section 73.2(d).
    • Requires in subdivision (e)(1) that within 30 days after termination of coverage the insurer advise the insured in writing of the automatic extended reporting period coverage and of the availability of, the premium for, and the importance of purchasing additional extended reporting period coverage.
    • Provides in subdivision (e)(2) that upon cancellation due to nonpayment of premium or fraud on the part of the insured, an insurer shall not be required to provide a premium quotation for extended reporting period coverage unless requested by the insured.
    • Provides in subdivision (e)(3) that the insured shall have the greater of 60 days from the effective date of termination of coverage or 30 days from the date of mailing or delivery of the advice required by paragraph (1) in which to submit written acceptance of extended reporting period coverage.
    • Provides in subdivision (k) that where a claims-made relationship has continued for less than one year, subdivisions (e) through (h) and (j) of the section shall not apply upon termination of coverage for nonpayment of premium or fraud.

    Fetched twice on 2026-08-31, the second time to read subdivisions (e), (g) and (k) in full. The earlier draft of this bundle omitted the 'except not-for-profit organizations' carve-out in (g)(1), omitted item (8) of the (g) list, and stated the three-year offer without the (f) opening qualifier; all three are corrected here. Unofficial Cornell LII mirror; official citation is 11 NYCRR 73.3.

    ActiveReproduction
11. [11]

    11 NYCRR 73.7 - Disclosure and notice requirements(opens the original record on Legal Information Institute, Cornell Law School (unofficial republication of the New York Codes, Rules and Regulations))

    Legal Information Institute, Cornell Law School (unofficial republication of the New York Codes, Rules and Regulations)SecondarySecondaryJurisdiction NYThird-party reproductionLast checked August 31, 2026Updates: changes when the New York Department of Financial Services amends Regulation 121; the mirror is republished on Cornell's own scheduleID ny-11-nycrr-73-7

    What this source supports (5)

    • Requires disclosure that the policy is, or identification of those portions of the policy that are, written on a claims-made basis.
    • Requires disclosure that the policy provides no coverage for claims arising out of incidents, occurrences or alleged wrongful acts which took place prior to the retroactive date stated in the policy.
    • Requires disclosure of the length of any automatic or additional extended reporting period coverage and, unless that coverage is for an unlimited time period, a statement advising the insured specifically of potential coverage gaps that may arise upon expiration of the extended reporting period coverage.
    • Requires the declarations page, or an addendum to it, to state the premium that will be charged for each extended reporting period coverage option if the policy is terminated on the next anniversary date.
    • Requires these disclosures to appear in the policy application and the declaration page, or addenda to them, and to be conspicuously displayed.

    Fetched 2026-08-31 and the quoted disclosure language read off the page. This section imposes disclosure duties on insurers writing in New York. It is not itself a coverage grant or an exclusion, and it is cited in this bundle only for what insurers must tell the insured. Unofficial Cornell LII mirror; official citation is 11 NYCRR 73.7.

    ActiveReproduction
12. [12]

    OGC Opinion No. 03-07-35: Claims Made and Reported Policies(opens the original record on New York State Department of Financial Services, Office of General Counsel (issued by the then New York State Insurance Department))

    New York State Department of Financial Services, Office of General Counsel (issued by the then New York State Insurance Department)RegulatorSecondaryJurisdiction NYLast checked August 31, 2026Updates: one-time opinion letter; the Department does not routinely revisit or annotate archived OGC opinionsID ny-dfs-ogc-03-07-35

    What this source supports (3)

    • States that a claims-made and reported policy requires that the claim and the reporting of the claim to the insurer both take place during the same policy term.
    • States that authorized insurers are not permitted to write such policies chiefly because of the risk of gaps in coverage inherent in such policies.
    • Concludes that a claims-made and reported policy may not be issued in New York except by an unauthorized insurer through an excess line broker.

    Fetched twice on 2026-08-31; opinion number, July 31, 2003 date, and the quoted language confirmed on the page. This is an informal Office of General Counsel opinion letter, not a regulation, and it is 23 years old. The page carries no currency or supersession disclaimer, which means its continued accuracy is not affirmed by the page itself. Cited in this bundle as a 2003 regulator opinion, not as a standing legal rule. Published: 2003-07-31

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13. [13]

    OGC Opinion No. 02-10-24: Tail Coverage for Medical Malpractice Insurance(opens the original record on New York State Department of Financial Services, Office of General Counsel (issued by the then New York State Insurance Department))

    New York State Department of Financial Services, Office of General Counsel (issued by the then New York State Insurance Department)RegulatorSecondaryJurisdiction NYLast checked August 31, 2026Updates: one-time opinion letter; the Department does not routinely revisit or annotate archived OGC opinionsID ny-dfs-ogc-02-10-24

    What this source supports (3)

    • States that section 73.3(c)(1) of Regulation 121 requires that the extended reporting period coverage required by that Part be made available upon termination of claims-made coverage.
    • States that N.Y. Insurance Law section 3436(b)(1) provides tail coverage at no charge only where the insured retires permanently and totally from the practice of medicine and meets specified age and duration requirements.
    • Concludes that a physician who retired from private practice but continued in full-time hospital practice had not retired permanently and totally from the practice of medicine and was therefore required to pay for tail coverage.

    Fetched 2026-08-31; opinion number, October 23, 2002 date, question, conclusion, and the Regulation 121 and Insurance Law section 3436(b)(1) references confirmed on the page. Informal OGC opinion letter, not a regulation, and 24 years old with no currency disclaimer on the page. Its scope is medical malpractice coverage under Insurance Law section 3436; it says nothing about tail pricing in other lines and is not cited here for anything broader. Published: 2002-10-23

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14. [14]

    14VAC5-335-20 - Definitions (Rules Governing Claims-Made Liability Insurance Policies)(opens the original record on Virginia Administrative Code, Virginia General Assembly Legislative Information System)

    Virginia Administrative Code, Virginia General Assembly Legislative Information SystemPrimary lawPrimaryJurisdiction VALast checked August 31, 2026Updates: changes when the Virginia State Corporation Commission amends 14VAC5-335ID va-14vac5-335-20

    What this source supports (4)

    • Defines claims-made liability insurance as an insurance policy providing coverage for the insured's liability for injury, damage, or wrongful act or omission occurring prior to the termination of coverage but subsequent to any applicable retroactive date, provided the claim is first made during the policy period or any extended reporting period.
    • Defines a retroactive date as the date on or after which injury, damage, or wrongful act or omission may occur and be covered under a claims-made liability insurance policy.
    • Defines an extended reporting period as an extension of the time allowed for reporting claims, after termination of a claims-made liability policy, for injury, damage, or a wrongful act or omission that occurred prior to termination of the policy and that, except for the requirement to report claims during the policy period, was otherwise covered by the policy.
    • Defines a basic extended reporting period as an automatic extended reporting period provided at no additional premium charge, and a supplemental extended reporting period as an extended reporting period that is available for the insured to purchase.

    Fetched 2026-08-31 from the official Virginia Administrative Code site; all four definitional claims read verbatim off the page. History note on the page: derived from Virginia Register Volume 20, Issue 21, effective January 1, 2005; amended by Virginia Register Volume 34, Issue 16, effective October 1, 2018. This definition of extended reporting period says nothing about the retroactive date, so it is not cited for that point anywhere in this bundle. Published: 2018-10-01 Effective: 2018-10-01

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15. [15]

    14VAC5-335-30 - Requirement to offer supplemental extended reporting period(opens the original record on Virginia Administrative Code, Virginia General Assembly Legislative Information System)

    Virginia Administrative Code, Virginia General Assembly Legislative Information SystemPrimary lawPrimaryJurisdiction VALast checked August 31, 2026Updates: changes when the Virginia State Corporation Commission amends 14VAC5-335ID va-14vac5-335-30

    What this source supports (4)

    • Requires every claims-made liability insurance policy to include a provision that the named insured may purchase a supplemental extended reporting period upon policy termination, where termination includes cancellation or nonrenewal, advancement of any applicable retroactive date, and renewal on other than a claims-made basis.
    • Provides that no offer of a supplemental extended reporting period is required if the cancellation or nonrenewal is due to nonpayment of premium, failure to comply with terms or conditions of the policy, or fraud.
    • Requires each claims-made liability insurance policy to contain provisions that clearly state when the supplemental extended reporting period will and will not be offered.
    • Requires the offer to be made in writing no earlier than the date of notification of termination of the policy and not later than 15 days after the termination, and requires that the insured have a minimum of 30 days from policy termination to purchase the supplemental extended reporting period.

    Fetched 2026-08-31 from the official Virginia Administrative Code site; subsections A through D read off the page. The earlier draft of this bundle carried the subsection B exceptions in the source record but never surfaced them in the prose; they now appear in the answer itself. Published: 2018-10-01 Effective: 2018-10-01

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16. [16]

    Colorado Revised Statutes section 10-4-419 - Claims-made policy forms(opens the original record on FindLaw (Thomson Reuters), a commercial republication of the Colorado Revised Statutes)

    FindLaw (Thomson Reuters), a commercial republication of the Colorado Revised StatutesSecondarySecondaryJurisdiction COThird-party reproductionLast checked August 31, 2026Updates: changes when the Colorado General Assembly amends the section; FindLaw states the page is current as of January 01, 2025ID co-crs-10-4-419

    What this source supports (5)

    • Subsection (2)(c) conditions delivery on the policy clearly defining the events and conditions which trigger coverage and defining when and how a claim is deemed to be made.
    • Subsection (2)(d) conditions delivery on the policy offering, at the insured's option, the purchase of an extended reporting period of at least one year for claims not filed during the policy period, and provides that the premium may not exceed two hundred percent of the expiring policy premium unless the adjusted premium is determined by the commissioner to be inadequate based upon section 10-4-403 and upon an opinion of a qualified actuary submitted on behalf of the insurer.
    • Subsection (3) provides that the commissioner may prohibit the use of a claims-made liability policy if the policy does not contain one or more of the listed policy provisions, which include a provision guaranteeing the insured a sixty-day period to purchase extended reporting period coverage in the event of cancellation or nonrenewal for any reason, and a provision allowing the insured, at the insured's option, to purchase an extended reporting period of at least the length of time of exposure under the applicable statute of limitation.
    • Subsection (5) defines a claims-made policy as a policy of liability insurance that provides coverage for those claims that are made or reported to the insurance carrier during the term of the policy or for an extended reporting term for which coverage has been purchased.
    • Subsections (7) and (8) require insurers writing on a claims-made basis in Colorado to submit an annual listing of policy forms, endorsements and disclosure forms to the commissioner by July 1 of each year, and to submit any new form at least thirty-one days before using it.

    Fetched twice on 2026-08-31 and the quoted subsections read off the page, which states 'Current as of January 01, 2025'. This is a commercial mirror, not primary law, and it is recorded as secondary for that reason. Attempts to corroborate against Justia returned HTTP 403 and the Colorado legislature's Title 10 PDF could not be parsed, so the text has not been checked against the official Colorado publication and should be before any reliance. Note that the mirror shows a broken internal cross-reference inside subsection (3), which suggests renumbering artifacts. The earlier draft of this bundle treated the sixty-day purchase right and the statute-of-limitations-length option as mandates and as alternatives to the (2)(d) one-year option; both characterizations were wrong and are corrected here.

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17. [17]

    Commercial Insurance Guide (CDI Form 700)(opens the original record on California Department of Insurance)

    California Department of InsuranceRegulatorPrimaryJurisdiction CALast checked August 31, 2026Updates: revised by the California Department of Insurance without a fixed schedule; the page carries the marker Form 700 Revised June 14, 2024ID ca-cdi-commercial-insurance-guide

    What this source supports (33)

    • The guide's glossary entry headed 'Claims Made' reads: a liability insurance policy where coverage applies to claims filed during the policy period no matter when the loss occurred subject to a retroactive inception date.
    • The guide's glossary entry headed 'Occurrence' reads: a liability insurance policy that covers claims arising out of occurrences that take place during the policy period, regardless of when the claim is filed.
    • CDI states that there are three primary coverage sections that make up a CGL policy: premises liability, products liability and completed operations.
    • CDI describes CGL coverage as comprehensive in nature, covering all hazards within the scope of the insuring agreement that are not otherwise excluded.
    • CDI states that the major exclusions under a CGL policy include intentional injury; insured contracts; liquor liability; workers compensation and employers liability; pollution; aircraft; automobile; watercraft; mobile equipment; war; care, custody, and control; damage to your work; impaired property; sistership liability; and failure to perform.
    • CDI describes specified perils as consisting of a list of each peril to be insured against, such as fire, explosion, windstorm and vandalism, and describes open perils coverage as covering all losses unless they are specifically excluded.
    • CDI states that earth movement (including earthquake) and flood are two common perils that are excluded under open perils coverage.
    • CDI describes three commercial property valuation approaches: actual cash value, agreed value, which it says waives any coinsurance penalty and pays 100 percent of the stated amount, and replacement cost, which it describes as the amount it takes to replace property with new property of like kind and quality up to the limits of insurance.
    • CDI describes coinsurance as an insurance clause that defines the amount of each loss the company pays according to the amount of insurance carried divided by the amount of insurance required, and states that a policyholder can be subject to a monetary penalty at the time of a loss where a building is not insured to value.
    • CDI states that business interruption coverage replaces lost business income after a covered loss.
    • CDI describes a Business Owners Policy (BOP) as a combination commercial policy that covers property, general liability and business interruption.
    • CDI states that when a business has had three applications turned down from a licensed commercial insurance carrier, with written documentation of the declination, it can proceed to obtain insurance from the surplus line market.
    • CDI states that a surplus line company can only be accessed through a specially licensed broker who holds a surplus line license issued by the CDI.
    • CDI states that although surplus line insurers must follow the Fair Claims Settlement Practices Regulations, the CDI has limited jurisdiction over the operation of surplus line insurers.
    • CDI states that the California Insurance Guarantee Association (CIGA), which protects claims with admitted insurers, does not apply to surplus line insurers.
    • There are three primary coverage sections that make up a CGL policy: premises liability, products liability and completed operations.
    • Premises liability covers liability for accidental injury or property damage that results from either a condition on your premises or your operations in progress, whether on or away from your premises.
    • A products liability hazard exists for any business that manufactures, sells, handles, or distributes goods or products.
    • Completed operations covers your potential liability for bodily injury or property damage that arises out of your completed work.
    • The CGL policy has separate limits of insurance for general liability, fire legal liability, products and completed operations liability, advertising and personal liability, and medical payments.
    • The page carries the line Form 700 Revised June 14, 2024.
    • The guide states that inland marine is a specialized type of property insurance that primarily covers damage to or destruction of your business property while in transport.
    • The guide states that inland marine insurance can cover a variety of transportation exposures, however it does not cover boating transportation, which is covered under ocean marine insurance.
    • The guide states that some of the most common types of coverage offered are accounts receivable insurance, consignment insurance, equipment floaters (i.e., contractors equipment), installation floaters, motor truck cargo insurance, trip transit insurance, and valuable papers (records) insurance.
    • The guide states that standard perils in inland marine may include fire, lightning, windstorm, flood, earthquake, landslide, theft, collision, derailment, overturn of the transporting vehicle, and bridge collapse.
    • The guide states that commercial property insurance can protect a business owner from some of the most common losses experienced by business owners, such as property damage, business interruption, theft, liability, and worker injury.
    • The guide states that an aggregate limit of liability is in force for the general liability, fire legal liability, advertising and personal liability, and medical payments claims.
    • The guide states that when total claims for all these areas exceed a stated annual aggregate limit of liability, the policy limits are exhausted and no more claims will be paid from the policy for the duration of the policy period.
    • The guide states that there is also a separate aggregate limit of liability in force for products and completed operations liability claims.
    • The guide defines split limits as the technique for expressing limits of liability coverage under a particular insurance policy by stating separate limits for different types of claims growing out of a single event or combination of events.
    • The guide states that if a building is not insured to value the insured can be subject to a monetary penalty at the time of a loss, commonly referred to as coinsurance, and defines coinsurance as an insurance clause that defines the amount of each loss that the company pays according to the amount of insurance carried, divided by the amount of insurance required.
    • The guide states that the California Insurance Guarantee Association (CIGA), which protects claims with admitted insurers, does not apply to surplus line insurers.
    • The guide states that while surplus line companies are not licensed by the CDI, they do have to go through an approval process that includes providing evidence of minimum capital and surplus requirements.

    Fetched 2026-08-31 and both glossary entries read off the page. The '?page=3' query parameter used in the earlier draft is inert and has been dropped from the URL. publishedDate is taken from the page's own 'Form 700 Revised June 14, 2024' marker. This is a consumer guide glossary and the weakest authority in the bundle; it is cited only for the two trigger definitions. It does not address retroactive dates, extended reporting periods, or which lines are written on which trigger. Published: 2024-06-14 Effective: 2024-06-14

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18. [18]

    Prior acts coverage (glossary of insurance and risk management terms)(opens the original record on International Risk Management Institute, Inc. (IRMI))

    International Risk Management Institute, Inc. (IRMI)SecondarySecondaryJurisdiction USLast checked August 31, 2026Updates: glossary entries are revised by the publisher without a fixed scheduleID irmi-prior-acts-coverage

    What this source supports (1)

    • Defines prior acts coverage as a feature of claims-made policies that have either no retroactive date or a retroactive date earlier than the inception date of the policy.

    Fetched 2026-08-31; the definition was read off the page. IRMI is a commercial insurance reference publisher, not a regulator, so this is cited only to attribute an industry term of art and never for a legal requirement or a coverage outcome. The page shows no publication or revision date.

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