Extended Reporting Period Options
What are the different extended reporting period options available on Professional Liability for architects/engineers? The extended reporting period options (ERP) also known as tail coverage will vary with insurance companies. The premium is based on the expiring premium of the policy. Additionally, the ERP is the same limits and deductible as the expiring policy. Here are a few of the insurance company examples of the options available for ERP.
Travelers Casualty and Surety Insurance Company
Additional Premium Percentage Additional Months:
125% 12
160% 24
180% 36
200% 60
Navigators Insurance Company (Hartford)
- For a one (1) year extended reporting period, 125% of the annual premium for the policy;
- For a three (3) year extended reporting period, 225% of the annual premium for the policy; or
- For a five (5) year extended reporting period, 300% of the annual premium for the policy.
Victor/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.
Great American Insurance Company
(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.
RLI Insurance Company
Reporting Period Policy Premium
1 year 100%
2 years 150%
3 years 185%
4 years 210%
5 years 235%
The extended reporting period options are not refundable and nonrenewable. When you are making your decision be sure you understand what is available with your insurance company. If you have questions please call or email your Professional Underwriter agent.