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 > The Attorney Malpractice ‘Automatic’ Extended Reporting Period
WEDNESDAY, AUGUST 19, 2020

The Attorney Malpractice ‘Automatic’ Extended Reporting Period

Pink BearThe Attorney Malpractice “Automatic’ Extended Reporting Period (60-Day AERP) is not what it seems.  More than one attorney has assumed that they have 60 days past expiration to renew or get new coverage because a 60-Day AERP is part of their policy. Nothing could be further from the truth.

The purpose of the 60-Day AERP is to allow reporting of claims past the expiration date if no other coverage is purchased. The attorney malpractice insurance policy 60-day AERP provision does not extend coverage and does not provide a ‘grace’ period for renewing coverage. If your policy has this provision the only thing that the 60-Day AERP does is extend the reporting period for claims covered by the expired policy in cases where there is no other coverage. If other coverage has been purchased then this provision is null and void.

Even with the 60-Day AERP 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. Once the policy expires, there will be a gap in coverage. You likely will lose your past acts coverage.

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

1.     “Automatic Extended Reporting Period. If the named insured or we do not renew this policy, or we cancel this policy for reasons other than for non-payment of premium, we will provide the named insured with an automatic, non-cancelable sixty (60) day extended reporting period. This automatic extended reporting period terminates sixty (60) day after the end of the policy period. The limits of liability applicable to claims made during the automatic extended reporting period shall be part of and not in addition to the limits of liability set forth on the Declarations.

 

No automatic extended reporting period shall be available if the named insured obtains another lawyers professional liability insurance policy that applies to such claim within sixty (60) days immediately following the end of the policy period.”

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

 

Lee

 
 
   Contact Me Today
   Lee Norcross, MBA, CPCU

    Managing Director, CEO
    Click here to contact Lee Norcross, MBA, CPCU

     (616) 940-1101 Ext. 7080

Posted 11:21 AM

Tags: attorney malpractice automatic extended reporting period
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(384)
  • attorney malpractice(337)
  • legal malpractice(223)
  • legal liability(134)
  • cyber insurance(102)
  • data breach(92)
  • ethics(87)
  • erp(57)
  • malpractice insurance(54)
  • claims(39)
  • title agency e&o(36)
  • accountant e&o(34)
  • extended reporting period endorsement(30)
  • tail(29)
  • phishing(25)
  • prior acts(22)
  • legal malpractice insurance(21)
  • claims made coverage(21)
  • extended reporting period(21)
  • cyber security(19)
  • cyber liability(18)
  • accountant errors & omissions(18)
  • claims reporting(17)
  • 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)
  • mcgowan webinar series for cpas 2021(12)
  • professional liability insurance(12)
  • retirement tail(12)
  • business owners insurance(11)
  • legal liability insurance(11)
  • fee suits(10)
  • full prior acts(10)
  • attpro tip of the month(10)
  • accountant errors & omissions insurance(10)
  • non-practicing erp(9)
  • bop(9)
  • cyber liability insurance(9)
  • title agent errors & omissions(9)
  • cyber crime(9)
  • claims made(9)
  • prior acts date(8)
  • webinar(8)
  • step rating(8)
  • lawyers(8)

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