I'm sort of confused.  Is your E&O carrier not going to pay the claim under your current policy?  Are they waiting until the renewal goes through & then will hit you with a 10K deductible? 

If you already have a decent amount of coverage would it be possible to expedite the process (as painful as that sounds) & have the client file a claim based on your current coverage?

Also, do shop around for a new policy.  I have heard about quotes from  persons who had claims filed against them from around 3K to 10K.