E&O insurance is a "claims made" policy - you must have insurance in force at the time the claim is presented. Worse yet, if you have a lapse in coverage, you will most likely not have any coverage for any errors or omissions that occurred prior to the new policy, even if you had coverage at the time. Never let your policy lapse without first obtaining coverage elsewhere!
For more, see Understanding E&O Insurance.
Best,
Robert A. Franco
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