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:
“Only very slowly and late have men come to realize that unless freedom is universal it is only extended privilege.”
—Christopher Hill (b. 1912)
“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)
“Stupid word, that. Period. In America it means “full stop” like in punctuation. That’s stupid as well. A period isn’t a full stop. It’s a new beginning. I don’t mean all that creativity, life-giving force, earth-mother stuff, I mean it’s a new beginning to the month, relief that you’re not pregnant, when you don’t have to have a child.”
—Michelene Wandor (b. 1940)