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.

Additional coverage that can be added to an ocean marine hull policy to provide protection for damage to another ship caused by collision.

Whereby the whole and not three quarter of the damages would be payable by the Insurers. This clause does not include an indemnity for liability in respect of death of or bodily injury to third parties, or for damage to harbors or other such structures. Running down clause is that portion of a Marine Policy that protects against damages due to collision with another ship.

Term applicable where an insurer has ceased to write an insurance or class of insurances but a liability remains under contracts already written which are said to be running off.

A clause concerning termination found in a reinsurance contract. The clause states that the reinsurer will be liable for losses sustained under any of the reinsurance policies that are in force, until the policy expires.