Extended Reporting Period Options for Architects/Engineers on Professional Liability

Each insurance company has different options for extended reporting periods. Here are some examples of those options.

Example one:

(a) one hundred percent (100%) of the annual premium for a one (1) year Extended Reporting Period;

(b) one hundred seventy-five percent (175%) of the annual premium for a three (3) year Extended Reporting Period; or

(c) two hundred fifty percent (250%) of the annual premium for a five (5) year Extended Reporting Period.

Example two:

The additional premium for the optional extended reporting period shall be fully earned at inception and based upon the rates for such coverage in effect at the beginning of the policy term and shall be for one (1) year at 100% of the policy term premium divided by the total number of policy years in the policy term; three (3) years at 190% of the policy term premium divided by the total number of policy years in the policy term; and five (5) years at 250% of the policy term premium divided by the total number of policy years in the policy term.

There are some commonalities with the extended reporting periods among insurance companies. Your firm is able to purchase the extended reporting period up to 60 days after expiration of the policy period. The premium is for the extended reporting period option is the percentage from the expiring premium. The extended reporting period will be the same deductible and limits as the expiring policy. The extended reporting period is available if the policy is cancelled or non-renewed.

Extended reporting period options and pricing vary with each insurance company and are non-renewable. When deciding on your firms extended reporting period discuss the options with your insurance agent. If you have any questions about extended reporting periods please call or email your Professional Underwriters agent for assistance.