IMPORTANT NOTICE ABOUT EXTENDED COVERAGE

The group insurance program is a Claims Made and Reported policy. The Claim must be made and reported to the Company during the Individual Policy Period or any applicable Extended Reporting Period or Automatic Extended Reporting Period. An Automatic Extended Reporting Period is provided in the event the Insured Licensee’s license is retired, placed on inactive status or allowed to expire. This allows the policy to apply to Claims first made and reported up to ninety (90) days after the effective date of the cancellation or non-renewal so long as the negligent act, error or omission is committed subsequent to the Retroactive Date and prior to the effective date of cancellation or non-renewal.

Optional Extended Reporting Period Coverage, commonly known as “Tail Coverage”, may be purchased to cause the policy to apply to Claims first made and reported up to three (3) years after the effective date of the cancellation or non-renewal so long as the negligent act, error or omission is committed subsequent to the Retroactive Date and prior to the effective date of cancellation or non-renewal. Tail Coverage can only be purchased within ninety (90) days after the Licensee’s policy has terminated. Tail Coverage is important because so many professional liability Claims are not made until months after the subject transaction occurs, and some may even be made years after the transaction.

If you have allowed your coverage through RISC to expire and are interested in purchasing Extended Reporting Period Coverage (ERP), please click here to download the ERP Enrollment Form.