Extended Reporting Period options with Professional Liability insurance companies for Architects and Engineers

Extended Reporting Period Options with Professional Liability Insurance Companies for Architects and Engineers

An Extended Reporting Period, also called tail policy or ERP, is an extended period of time after the end of the policy period for reporting claims to the insurance company.  Below are the optional extended options available with some of the insurance company.

Great American

The additional, non-refundable premium for an optional Extended Reporting Period shall be:

(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.

Navigators

The additional, non-refundable premium for an optional extended reporting period shall be:

1. For a one (1) year extended reporting period, 125% of the annual premium for the policy;
2. For a three (3) year extended reporting period, 225% of the annual premium for the policy; or
3. For a five (5) year extended reporting period, 300% of the annual premium for the policy.

PUA/Arch

Extended Reporting Period                 Percentage of the Annualized Premium

12 months                                            100%

24 months                                            150%

36 months                                            200%

60 months                                            250%

RLI Insurance

Reporting Period                                 Policy Premium (Item 5. of the Declarations)

1 year                                                   100%

2 years                                                 150%

3 years                                                 185%

4 years                                                 210%

5 years                                                 235%

Travelers

OPTIONAL EXTENDED REPORTING PERIODS:

Additional Premium Percentage:                   Additional Months:

125%                                                                12

160%                                                                24

180%                                                                36

200%                                                                60

Victor O. Schinnerer/CNA

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.

Keep in mind these ERP options may vary from State to State so be sure you check with your insurance company based on the State your firm is domiciled.  Please call or email your PUI Agent with questions.