Maturing (or Maturing Rating)

Every “claims made and reported” policy is rated in anticipation of the exposure assumed when providing coverage for an attorney's prior work. The industry typically refers to this as maturing rating or “step rating” and provides for a rating credit or discount for an attorney that is not considered “fully mature.” Each insurance carrier has a different opinion [which is generally based on a statistical (actuarial) analysis of a carrier’s historical data] of how many years of coverage it takes for an attorney’s exposure to be considered “fully mature”. As the attorney matures, the premium typically will increase correspondingly—a practice common throughout the industry.