Whose E & O is it if an application comes in late? If you have had 30 to 60 days to complete an application but you give it to your agent the day before you renew, when are you insured? Who holds the power? You? The agent? The carrier?
What happens when, having received your application 24 hours prior to your expiration date, the current carrier determines it will not renew your policy due to new information contained in your application? Do you have new practice areas? Did you decide to stand your ground and sue every client who owes you legal fees? Or significant material changes in the firm?
Professional liability insurance does NOT afford a grace period!