Extended Reporting Period Insurance (erpi)
Policy underwritten on either a monoline primary insurance or monoline excess insurance basis that will allow the purchaser to increase the limits of liability coverage above that of policies already purchased as well as fill gaps in liability coverages. These policies usually provide liability protection on a worldwide basis to include coverage for bodily injury, property damage, products-completed operations, premises and operations, and personal injury. The period for claims reporting can be on a fixed or unlimited basis. Legal defense expenses and other supplementary expenses can be included within the policy limits or can be in addition to the policy limits. An endorsement can be added to provide coverage for known circumstances, thereby permitting the purchaser to retroactively add additional limits of coverage for current evolving liability situations. In addition, this policy can provide coverage for residual liability exposures by focusing on a particular risk.
Popular Insurance Terms
Payment made by a party causing harm to the party incurring that harm. ...
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Feature of life and health insurance policies that stipulates that the policy represents the whole agreement between the insurance company and the insured, and that there are no other ...
List of injuries and diseases covered in a health insurance policy. Consumers are well advised to read and understand the definitions of injuries and diseases in a health insurance policy. ...
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Coverage for exposures that exhibit a possibility of financial loss. ...
Statement of the financial condition of the insurance company, as well as significant events during the year in which the company has been involved and/or that have affected the company. ...
Policyholder's equity share of the life insurance company's assets. The share is based on the policyholder's contribution to assets (the company's gross premiums minus cost of insurance, ...
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