What is bilateral extended reporting period

Bilateral Extended Reporting Period Provision is a reporting period extension provided to policyholders in claims-made liability insurance policies. These provisions apply to claims made after the retroactive date, and after the policy has been canceled, non-renewed, or changed to a different type of liability policy.

What is a bilateral ERP?

Bilateral Extended Reporting Period Provision — an extended reporting provision found in a claims-made policy that allows the insured to purchase an extended reporting period (ERP) if either the insured or the insurer decides to cancel or nonrenew the policy.

What is an extended reporting period?

A reporting period is the span of time covered by a set of financial statements. It is typically either for a month, quarter, or year. Organizations use the same reporting periods from year to year, so that their financial statements can be compared to the ones produced for prior years.