What is runoff period?
Run-Off Period means the period commencing on the Effective Date and ending on the date on which all potential Policy Claims are expected to have matured based on the then- current Run-Off Projections.
What is an extended reporting period?
Run off is often confused with Extended Reporting Periods or Discovery Periods, and with good reason, because they are essentially the same thing. However, what differs is the trigger, with the latter on a 'refusal to renew' (which should be bilateral i.e. at the option of either party).
Is discovery period the same as run off?
A runoff policy is a type of claims-made policy rather than an occurrence policy. The difference in policy type is because the claim may be made several years after the incident that caused damage or loss, and occurrence policies provide coverage only during the period that the policy was active.