Call Us 866.940.1101 ☰ ˟
866.940.1101
Logo
  • Home
  • About Us
    • About Us
    • Employee Directory
    • Partners Page
    • Event Calendar
    • Refer a Friend
  • Get A Quote
  • Products
    • Lawyers Malpractice Insurance
    • Professional Liability Coverage For Attorneys
    • Accountants Professional Liability
    • Dentist Malpractice Insurance
    • Business Owners Policy
    • Cyber Liability Insurance
    • Workers Compensation Insurance
    • Title Agents E&O Insurance
    • Paralegal Malpractice Insurance
  • Testimonials
  • Common Terms
    • Common Terms
    • Frequently Asked Questions
  • Blog
  • Contact
  • Areas We Serve
    • Grand Rapids, MI
    • Detroit, MI
    • Lansing, MI
    • Kalamazoo, MI
Home > Blog > Attorney Malpractice ‘Automatic’ Extended Reporting Period—What is This?
MONDAY, MARCH 26, 2018

Attorney Malpractice ‘Automatic’ Extended Reporting Period—What is This?

Things to AvoidAlong with attorneys not understanding claims-made insurance coverage and the need to protect past acts, more than one attorney has ‘top sheeted’ their policy determining they have 60 days past expiration to renew or get new coverage because of the 60 day  ‘Automatic’ Extended Reporting Period (ERP).  Nothing could be further from the truth.  This mistake will bit you.

The attorney malpractice insurance policy ‘Automatic’ 60 Day ERP provision does not extend coverage and does not provide a ‘grace’ period for renewing coverage.  If your policy has this provision the only thing this ERP does is extend the reporting period in cases where no other coverage is purchased.  If other coverage has been purchased then this provision is null and void.

Even with this ERP in force, if you have not renewed your coverage by the policy expiration date, there is no coverage for current acts past the policy expiration date.  The extension does not allow extra time to find other coverage and maintain your prior acts coverage.  If coverage lapses, there will be a gap in coverage.   You likely will lose your past acts coverage.

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

“1.   We will provide to the Named Insured an automatic, non-cancelable Extended Reporting 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 provision with giving you extra time to renew coverage.

Posted 3:55 PM

Tags: legal malpractice, attorney malpractice, lawyers professional liability insurance, automatic erp, extended reporting period, erp, tail
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2023
  • 2022
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2013
  • 2011

  • lawyers professional liability insurance(429)
  • attorney malpractice insurance(404)
  • attorney malpractice(337)
  • legal malpractice(225)
  • legal liability(134)
  • cyber insurance(107)
  • data breach(93)
  • ethics(87)
  • erp(58)
  • malpractice insurance(56)
  • claims(39)
  • title agency e&o(36)
  • accountant e&o(34)
  • extended reporting period endorsement(30)
  • tail(29)
  • disciplinary coverage(27)
  • phishing(25)
  • legal malpractice insurance(23)
  • prior acts(22)
  • claims made coverage(21)
  • extended reporting period(21)
  • cyber security(20)
  • cyber liability(18)
  • accountant errors & omissions(18)
  • claims reporting(18)
  • crime insurance(16)
  • ransomware(16)
  • claim prevention(16)
  • attorney protective cle(14)
  • the hartford weekly newsletter(14)
  • attorney protective cle webinar(14)
  • 2022 mcgowan pro cpe webinar for accountants(13)
  • professional liability insurance(13)
  • attpro tip of the month(13)
  • business owners insurance(12)
  • mcgowan webinar series for cpas 2021(12)
  • retirement tail(12)
  • legal liability insurance(11)
  • bop(11)
  • fee suits(10)
  • full prior acts(10)
  • cyber crime(10)
  • accountant errors & omissions insurance(10)
  • prior acts date(9)
  • insurance(9)
  • coverage(9)
  • step rating(9)
  • non-practicing erp(9)
  • cyber liability insurance(9)
  • title agent errors & omissions(9)

View Mobile Version
Logo
Quick Links
Home Our Products Customer Service Payment Options Common Terms
About Us Refer A Friend Our Carriers Blog Contact Us
Location
2430 Camelot Ct SE
Grand Rapids, MI 49546

Local: 616.940.1101
Toll Free: 866.940.1101
Email: info@L2ins.com
Facebook Twitter Social LinkedIn
© Copyright. All rights reserved.
Powered by Insurance Website Builder