What Does Bilateral Extended Reporting Period Provision Mean?

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What does Bilateral Extended Reporting Period Provision mean? Read on to discover the definition & meaning of the term Bilateral Extended Reporting Period Provision - to help you better understand the language used in insurance policies.

Bilateral Extended Reporting Period Provision

Bilateral Extended Reporting Period Provision

An extended reporting provision found in a claims-made policy that allows the insured to purchase an extended reporting period (ERP) if either the insured or the insurer decides to cancel or nonrenew the policy. (This is also known as a "two-way" extended reporting provision.)

We hope the you have a better understanding of the meaning of Bilateral Extended Reporting Period Provision.

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