Claims Made Form

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Extended reporting Period. Exclusive to Claims Made policies, the basic policy form includes a 30-day extended reporting period beginning the day the policy expires. This ERP does not extend the policy period, just the time a claim which occurred during the policy period can be reported.

The same is true for extended reporting periods (E.R.P.S) or “Tail Coverage” purchased in longer duration periods; 1YR, 3YR, 5YR or more. Policy language provides coverage for claims that occur after the retro-date, and before the expiration date. Because of this, a single claims made policy may provide coverage for a number of years.

Occurrence Policy Form

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The Occurrence policy form requires that a claim occur “during the policy period” but does not require that the policy is active when the claim is presented; this is why an extended reporting period is not requited with occurrence policy forms.

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