back-dated liability insurance
Coverage procured for claims after a loss event has actually happened.
This type of coverage is offered when the amount of the claim is very
uncertain and potentially long delays in payment may result. The premium
charged by the insurer, coupled with its investment value, is calculated to
be sufficient to cover all the claims from the incident. This is not a
commonly available type of coverage. See also Retroactive insurance;
Loss mitigation underwriting.
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PLI XX.V