The OBLIC policy provides continued coverage for lawyers who were previously insured under a firm’s policy before leaving the firm for claims made against the lawyer if ‘the act, error or omission giving rise to a “Claim” occurred during a time period for which the person was previously insured by a policy issued by the Company to the Named Insured or an “Predecessor Firm”’ PERSONS INSURED section of the policy, part (e). If the firm dissolves or fails to maintain coverage, then coverage for a lawyer formerly in the firm no longer exists, unless the firm buys an Extended Reporting Endorsement (tail) to cover claims later made against the firm and its lawyers.

A lawyer leaving a firm due to taking retired or inactive status can also apply for an Extended Reporting Endorsement for an individual insured. This endorsement provides coverage to the individual leaving practice in the event that there is no other policy in force providing coverage at the time a claim is first made and reported.