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The “automatic” Extended Reporting Period (ERP) provision in the Lawyers Liability Policy does not extend coverage or provide a “grace” period for renewing coverage.  If your policy has this provision the only thing it does is extend the reporting period in cases where no other coverage is purchased.  If other coverage has been purchased then this provision does not apply.

Even with this ERP in force, if you do not renew your coverage by the policy expiration date, there will be no coverage for current acts that happen after the policy expiration date.  The extension will not allow you extra time to find other coverage and maintain your prior acts coverage if you have a lapse and a gap in coverage.  

From the Professional Solutions Lawyers Professional Liability Insurance Policy, the following is typical language for this policy provision:

“1.   We will provide to the Named Insured an automatic, non-cancelable ExtendeReporting Period starting at the termination of the current Policy Period if the Named Insured has not obtained another Policy of lawyers professional liability insurance within sixty (60) days of the termination of this Policy.  This Automatic Extended Reporting Period will terminate upon the earlier to occur of the Named Insured obtaining another Policy of lawyers professional liability insurance or the expiration of such sixty (60) day period.”

 

Don’t mistake this policy provision with giving you extra time to renew you coverage.

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