Extended Reporting Period (tail) Coverage
"Tail" or "extended reporting" endorsements cover events that occur while the policy is in force but are reported to the carrier after the policy terminates. Purchasing tail coverage from the present carrier effectively converts the claims-made policy into an occurrence policy.
"Prior acts" (or "nose") coverage transfers the retro-active date for an old policy to a new insurance carrier—eliminating the need to purchase tail coverage from the last carrier. Nose coverage is usually less expensive than purchasing tail coverage from the old carrier. Tail coverage costs 2-3 times the expiring premium.
Read more about this topic: Professional Liability Insurance
Famous quotes containing the words extended, reporting and/or period:
“No: until I want the protection of Massachusetts to be extended to me in some distant Southern port, where my liberty is endangered, or until I am bent solely on building up an estate at home by peaceful enterprise, I can afford to refuse allegiance to Massachusetts, and her right to my property and life. It costs me less in every sense to incur the penalty of disobedience to the State than it would to obey. I should feel as if I were worth less in that case.”
—Henry David Thoreau (1817–1862)
“I have been reporting club meetings for four years and I am tired of hearing reviews of the books I was brought up on. I am tired of amateur performances at occasions announced to be for purposes either of enjoyment or improvement. I am tired of suffering under the pretense of acquiring culture. I am tired of hearing the word “culture” used so wantonly. I am tired of essays that let no guilty author escape quotation.”
—Josephine Woodward, U.S. author. As quoted in Everyone Was Brave, ch. 3, by William L. O’Neill (1969)
“When we suffer anguish we return to early childhood because that is the period in which we first learnt to suffer the experience of total loss. It was more than that. It was the period in which we suffered more total losses than in all the rest of our life put together.”
—John Berger (b. 1926)