• An insurance policy is a policy that provides coverage that is activated when a claim is made against the insured person during the period of the policy, regardless of when the wrongful act giving rise to the claim took place. (The only exception is when a retroactive date applies to an insurance policy. In such cases, the wrongful act giving rise to the claim must have occurred on or after the retroactive date.) Most professional errors and omissions (E&O), directors and officers (D&O) and Employment Practitioner Liability Insurance (EPLI) are issued as insurance policies.