If a Professional Liability policy is cancelled or not renewed many carriers provide automatic Extended Reporting Periods (ERP or ‘tail’).  Typically this automatic ERP period is 60 days and is free of charge.  Most carriers will also offer an optional ERP that provides a reporting period beyond 60 days at an additional cost.  Optional periods that are commonly available with carriers are 1 year, 2 years, 3 years and 5 years.  It is important to note that the ERP is not renewable, there is an additional charge and the carrier will require written request for the optional ERP.  Be sure to discuss the Extended Reporting Period options with your Professional Underwriters agent to know what is available for your firm.