In insurance, hard markets present hard choices. Policyholders often face sharply higher rates and tighter terms and conditions at renewal, along with exclusions their expiring liability coverage did not impose. In these situations, incumbent carriers may offer an extended reporting period (ERP), which lets insureds file claims after the original policy’s expiration date. Buying an ERP, however, has significant risks that insureds and their agents should consider.

Featuring:

• Mike Robison is a Senior Broker in CRC’s Dallas office and ExecPro National Practice Leader.
• Linda Caruthers is Vice President, Director in CRC’s Minneapolis and active member of the ExecPro Practice Group.

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