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
Compensation payable to the owner of a ship detained for reasons beyond his or her control who incurs a loss of earnings because of the delay. Detainment can be caused by a delay in the ...
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Insurer in a group of companies that act as subsidiaries. ...
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Provision used to avoid duplication of coverage in other policies; to eliminate coverage for property under the care, custody, and control of an insured business; as well as to avoid ...
Value of property as established by the price a willing buyer would pay for property purchased from a willing seller, compared with the replacement cost of damaged or destroyed property ...
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