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
Costs associated with the general administration of the insurance organization to include such items as utilities, rent, salaries, postage, furniture, and housekeeping charges. ...
Selection of restricted random samples in order to obtain a more accurate estimate of the expected loss (mean) than could be obtained by the selection of completely RANDOM SAMPLES. For ...
Contract providing whole life insurance on the father and term insurance on the mother and all children, including newborns after reaching a stated age, usually 15 days. Children, upon ...
Individual added to a life insurance policy other than the insured named in the policy. For example, an insured father can have a dependent son and daughter added to the policy as ...
Coverage on an all risks basis through an endorsement to a business property insurance policy in which each sign is specifically scheduled, subject to the exclusions of wear and tear, and ...
Model state law of the NAIC that requires that the insurance policy contain language that meets a readability test (usually, the Flesch readability test that uses a formula approach to ...
Deferred annuity under which one premium payment is made and the annuity is paid up (no further premium payments are required). ...
Automatically extended reporting period of 60 days, during which claims may be made after a claims made basis liability coverage policy has expired. ...
Arrangement whereby an insurance company agrees to pay specified health care service vendors a predetermined sum for providing such services to the covered individuals. ...
Have a question or comment?
We're here to help.