Adding Protection After Your Policy is Past

There are many companies or individual that carry a certain type of insurance for specific risks or exposures. When those risks are no longer present or professional changes fields or retire, there may still be a limited amount of liability associated with prior services and prior clients. By adding ERP insurance to your plan, you add an extra layer of insurance protection if your former coverage has expired. those who carried professional liability insurance are the most susceptible to lawsuits after the term of their policy is over.

There are two basic types of extended reporting period policies.

1. Basic extended reporting period. With the terms of your original insurance plan, you may have been given a 30 or 60 day after the policy reporting period. This is a basic ERP that allows claims to be filed within this time frame even if the policy had been not been renewed or it was canceled.

2. Supplemental extended reporting period. This is an extended coverage purchase that can be made with your insurance provider. It can range anywhere from one to five years, although some plans offer unlimited periods.
Not all policies will be able to have an ERP added. As seen on, an occurrence-based policy allows claims to be made so long as the incident itself occurred during the time the insurance policy was active.