A claims-made insurance policy that affords coverage for claims made during the policy period only if the claims are for wrongful acts committed prior to the policy period. A run-off policy is most frequently purchased following the acquisition of the insured company. Because the directors and officers of the acquired company may be replaced or removed following the acquisition, those directors and officers typically purchase prior to the acquisition a prepaid, noncancellable multiyear run-off insurance policy that cannot be amended or affected in any way by the acquiring company or subsequent management. That policy covers future claims arising out of conduct by the directors and officers prior to the acquisition.