“Tail Coverage” – Understanding The Extended Reporting Period
Source: https://www.mondaq.com/, October 8, 2021
By: Pamela G. Michiels, Phelps Dunbar
Professional liability policies, almost always written on a claims-made basis, typically contain a number of options for the insured to obtain an Extended Reporting Period (ERP). What does that mean? And why might it be necessary, or at least a good idea? While many variations on the ERP exist, the basic purpose, function and operation of the ERP are fairly standard. Here’s what you should know. Read more.