Virginia Law

The following words and terms when used in this chapter shall have the following meanings unless the context clearly indicates otherwise:

"Admitted insurer" means an insurer licensed in the Commonwealth to engage in the business of insurance. An admitted insurer does not include any surplus lines insurer.

"Basic extended reporting period" means an automatic extended reporting period provided at no additional premium charge.

"Claims-made liability insurance" means 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 for such injury, damage, or wrongful act or omission is first made during the policy period or any extended reporting period.

"Extended reporting period" means an extension of the time allowed for reporting claims, after termination of any claims-made liability policy for injury, damage, or 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.

"Incidental claims-made liability insurance" means any claims-made liability coverage contained in or attached to a policy providing liability insurance on other than a claims-made basis.

"Medical professional liability insurance" means insurance coverage against the legal liability of the insured and against loss, damage, or expense incident to a claim arising out of the death or injury of any person as the result of actual or alleged negligence in rendering or failing to render professional service by any provider of health care.

"Policy" means a coverage part, form, or endorsement that is contained in a contract of insurance.

"Retroactive date" means 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.

"Supplemental extended reporting period" means an extended reporting period that is available for the insured to purchase.

"Unimpaired limit of liability" means a limit equal to the dollar amount shown as the aggregate limit in the declarations (i) at the inception of the policy period or (ii) as amended in the policy thereafter, and in force at the time of the termination of the policy.