How does an Extended Reporting Period differ from the Period of Insurance?

  • The Period of Insurance is the period of uninterrupted cover starting when the policy incepted and ending when it was cancelled or not renewed.
  • Events that give rise to valid claims may occur at any time between the Retroactive Date and the end of the Period of Insurance. Referred to as the Retroactive Period.
  • The Extended Reporting Period does not change the Retroactive Period, but it does extend the period during which the Insured can discover new liabilities (which occurred during the Retroactive Period) and lodge these claims against the Insurers.
  • The Extended Reporting Period starts immediately after the Period of Insurance ends (and runs for up to 36 months).
    • This cover is an option purchased by the Insured at the completion of the Period of Insurance – usually as a result of not being able to renew the cover or secure alternative insurance for the next period.

In the case of short period policies it is sometimes purchased together with the underlying cover (prior to the inception of the short period policy).

General Liability