UK: A clause in casualty reinsurance contracts that provides coverage for losses reported to the reinsurer or the company, as applicable, during the term of the current reinsurance contract, but resulting from occurrences that took place during a prior period. Sunrise clauses are used to reactivate coverage that no longer exists due to the existence of a sunset clause. See Sunset Clause.
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REINSURANCE: A clause occasionally found in casualty reinsurance or claimsmade contracts that provides coverage for losses reported to the (re)insurer during the term of the current contract, but resulting from pre-inception occurrences. Sunrise clauses are used to reactivate coverage that no longer exists due to the existence of a sunset clause. (See SUNSET CLAUSE).
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UK: A clause that provides retroactive cover in respect of losses occurring before the inception of a (re) insurance contract.
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A clause in casualty reinsurance contracts that provides that the reinsurer will not be liable for any loss that is not reported to the reinsurer within a specified period of time (typically 5, 7 or 10 years) after the expiration of the reinsurance contract. See Sunrise Clause.
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REINSURANCE: A clause which restricts cover to claims notified during the period from the inception of a (re) insurance contract to a specified date after the expiry of that contract.
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Reinsurance or claimsmade policy clause restricting cover to losses reported within a restricted period after the expiry of the policy. The period may be short, a ‘mini tail’, e.g. 60 days, or longer, e.g. three years for certain reinsurance contracts. See EXTENDED REPORTING PERIOD.