Responsabilidad y CasualidadPregunta 443 de 531
When a claims-made liability policy is cancelled, the supplemental extended reporting period differs from the basic one in that the supplemental period:
a.must be requested in writing and paid for
b.attaches automatically at no extra cost
c.moves the retroactive date to the cancellation
d.changes the policy trigger to occurrence basis
Explicación
A basic extended reporting period attaches automatically when a claims-made policy ends, at no additional charge, and gives a limited window to report claims for acts before that date. The supplemental period, the purchased tail, must be requested in writing within a stated time and an extra premium paid, and it extends the reporting window far longer. Neither one moves the retroactive date or converts the policy to an occurrence trigger.
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