A time for recovery of proved business income loss after physical property is restored and business reopened. The 30-day extension included in many business income forms may be extended by endorsement.
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A time of recovery of proved business income loss after physical property is restored and business reopened. The 30-day extension of business income forms may be extended by endorsement.
Insurance Encyclopedia
Extended period of indemnity (Property Insurance)
Coverage that extends the existing lost income coverage for a certain time frame after business resumes.
Extended Protest
A declaration by the master of a vessel more detailed than a protest made in view of litigation.
Extended recovery period
See: Extended period of indemnity.
EXTENDED REPLACEMENT COST
Also known as “guaranteed replacement cost” this coverage normally pays a certain percentage above the policy limit to replace a damaged home. The amount above the policy limit is generally 120% or 125%. The purpose of the endorsement is to provide adequate coverage for replacement cost after a major disaster such as a tornado or hurricane. Often, in these situations, building materials and construction workers can be in short supply, pushing up the cost of repair and rebuilding. The extended replacement cost endorsement pays an extra percentage to cover these increased costs. A pure guaranteed replacement cost will pay whatever is necessary to replace the structure.
Extended Reporting Period
REINSURANCE: An additional period of time affording coverage after termination of a claims-made policy during which a claim first made after such termination for injury or damage that occurs on or after the retroactive date, if any, but before the policy termination date is covered and may be reported. Also see Retroactive Date.
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UK: Period under a claims-made policy that provides a specific time, c.g. 60 days, after the policy has expired during which claims can be notified in respect of matters that occurred during the policy period. In some instances it is possible for the insured to purchase a longer period than that automatically included in the policy. The extended period does not respond in respect of claims otherwise insured. See DEEMING CLAUSE.
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See: Claims-made coverage.
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The period after the expiry of a claims made policy in which claims under that policy must be made if they are to be covered. It may be possible for an insured to extend this period on payment of an additional premium.
Extended Reporting Period (ERP)
A period allowing for making claims after expiration of a “claims-made” liability policy. Also known as a “tail.”
Extended reporting period (Liability Insurance)
A time frame that allows the insured to make claims after the “claims made” liability coverage has expired.
extended review of systems (ROS) 1997 guidelines
Documented report of an inquiry about the body system(s) directly related to the problems identified in the history of present illness (HPI) and a limited number (two to nine) of additional body systems.
Extended term insurance
Type of insurance available as a nonforfeiture option. It provides the original amount of insurance for a limited period of time. Also called extended term insurance option .