Cancelling it can leave every year you worked unprotected. A claims-made policy responds to claims reported while it is in force, so once it ends there is nothing to report into, even for work done years earlier. Tail coverage, also called an extended reporting period, keeps that window open after the business stops. It is usually priced as a multiple of the expiring premium, and some forms grant it at reduced cost or free on retirement after a stated number of years with the carrier. Ask while the policy is still live.
Related FAQs
It is the date back to which your policy may respond. Keeping it intact when you renew or switch policies helps protect past work.
Not universally, but many professions, licensing bodies, and clients require it. We can review your situation with you.
A claims-made policy generally responds to claims made while the policy is active, provided the incident occurred after your retroactive date. Letting coverage lapse can create a gap. ...
Ready to get started?
Talk to an advisor or request a quote. It takes about five minutes, with no commitment. Be insurance wise.
