What is an Extended Reporting Period?
The extended reporting period (“tail” coverage) is the opposite of the retroactive date. “Tail” coverage extends the period in which to report claims for injury or damage that occurred before the termination of a “claims made” policy. This protection is the second important option in the “claims made” coverage program, but is needed only if coverage ends and (1) isn’t replaced: (2) is replaced with an “occurrence” policy; or (3) if the retroactive date is moved forward. Continuous protection, for a stated period of time, is provided by the Basic Extended Reporting Period, without additional charge. A Supplemental Extended Reporting Period (“Full Tail”) is an optional reporting period coverage, which may be purchased. Neither of the tail coverages change the coverage limitations nor extend the policy period. They apply only to injuries or damages that occurred after the retroactive date and before the termination of the policy period. The above are answers to generic questions. An answe
