What does Basic Extended Reporting Period mean? Read on to discover the definition & meaning of the term Basic Extended Reporting Period - to help you better understand the language used in insurance policies.
Basic Extended Reporting Period
The 60-day and 5-year extended reporting periods (ERPs) automatically provided to the insured by the 1986 Insurance Services Office, Inc. (ISO), claims-made commercial general liability (CGL) policy when a claims-made policy is canceled, not renewed, renewed with a laser exclusion, renewed on a basis other than claims-made, or renewed with an advanced retroactive date. BERPs are also included in some claims-made professional liability policies. In professional liability policies, BERPs extend the reporting period for 30 to 60 days at no additional charge when the insurer cancels or nonrenews the policy. In a few instances, they are offered when the insured cancels or nonrenews the policy.
We hope the you have a better understanding of the meaning of Basic Extended Reporting Period.