An extended reporting period permits reporting of claims after policy expiration for acts committed during the policy period and after the retroactive date. Basic periods are often automatic and short, while supplemental periods must be purchased.
It does not extend the coverage period for new conduct.
Alternative Names:
ERP, Discovery Period
Why it Matters?
The extended reporting period is the mechanism protecting professionals who retire, change carriers, or close a practice, and the purchase decision is time-limited, typically requiring election within thirty to sixty days of expiration. Missing that window leaves prior work uninsured with no remedy. The distinction that confuses insureds is that it extends reporting, not coverage, so conduct after expiration is never covered.
Frequently Confused with
Related terms
Frequently asked questions
Does an extended reporting period cover new conduct?
How long is the election window?
