What is extended reporting period coverage

An extended reporting period ( ERP ) is a feature you can add to your claims-made professional liability insurance policy. It allows you to report claims even after your policy expires. This policy endorsement is also known as tail coverage.

What is a basic extended reporting period?

A basic extended reporting period (BERP) is a reporting period extension provided to claims-made liability policies. Basic extended reporting period (BERP) applies 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.

How does a reporting period work?

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.

What is the difference between claims made and occurrence?

An occurrence policy has lifetime coverage for the incidents that occur during a policy period, regardless of when the claim is reported. A claims-made policy only covers incidents that happen and are reported within the policy's timeframe, unless a tail is purchased.

What feature of the claims made CGL provides an unlimited extension for making claims for losses that occurred during the policy period?

SERP—coverage.\n\n Thus, the SERP extends the policy for an "unlimited duration," meaning that coverage is provided for any claim that is made against an insured, provided the claim results from bodily injury or property damage that occurred after the retroactive date and before the end of the policy period.