Axis Insurance Services – Tail Coverage
For nearly two decades, the insurance professionals at Axis Insurance Services, LLC have focused on providing custom-tailored insurance solutions for professional services companies and their employees. Our tail coverage insurance options, or Extended Reporting Coverage, give our clients flexibility in their e&o and d&o policies.
Our team is expert at understanding the complex markets and unique risks of professional firms. We offer a diverse range of insurance products and policies across numerous industries, including commercial real estate, healthcare, financial services, technology, and engineering, to name a few. We have forged our reputation of providing tailored professional and management liability, errors & omissions (E&O), directors & officers (D&O), cyber, and employment practices policies, each designed to meet client needs exactly.
Add Tail Coverage Insurance to Your Cyber, Professional Liability,
Management Liability, and Employment Coverages
What is an Extended Reporting Period (ERP) Endorsement?
An Extended Reporting Period Endorsement provided allows you to report claims after an Errors & Omissions, or any claims-made, the policy expires and is available for an additional premium. This does not extend your policy period. However, it does give you additional time to report claims for wrongful acts that occurred after the retroactive date listed in your policy and prior to your policy’s expiration date. This is a common addition to claims-made policies. Tail coverage allows this ERP to take place.
What is a Standalone ERP or Tail Policy?
In addition to the ERP options that are already available in a claims-made policy, there is another way to purchase an ERP. This alternative method is what we would call a Standalone ERP, or Tail Policy, and involves having another insurance company write a standalone policy for the just the ERP itself. This standalone policy is used in special circumstances, for example when a company is being sold or shut down but continuing coverage is necessary. Unlike a standard ERP Endorsement, there is the possibility to modify the limits, terms, and costs which can be beneficial to your unique situation.
Why would I need an ERP Endorsement?
A claims-made policy only covers claims that are made, and in most cases, reported during the policy period. When you cancel this policy, no claims will be covered after the termination date even if the policy was in place when the action giving rise to the claim occurred. Claims can often occur from acts, errors, or omissions that date back several months or even years. Any company that is ceasing operations or selling their business should consider purchasing an ERP Endorsement. Keep in mind that an ERP Endorsement is a fixed amount of time that you purchase and it cannot be renewed or canceled. When deciding how much additional time you want to be able to report claims, we recommend that you purchase most time possible. You will not be able to add more time after the endorsement ends.
Why choose Axis Insurance Services?
Unlike most brokers, our professionals specialize in professional liability and are nationally recognized. Our years of expertise in the industry allows us direct access to high-quality insurance carriers, extremely competitive rates and the ability to customize tail insurance solutions to meet the needs of our clients.
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