What Does Discovery Period Mean?

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

Discovery Period

Discovery Period

A grace period given to an insured who has cancelled a bond, during which he or she can still discover and report losses that occurred during the bond's term. Losses reported in this fashion are paid by the original surety.

We hope the you have a better understanding of the meaning of Discovery Period.

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