What Does Runoff Provision Mean?

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

Runoff Provision

Runoff Provision

A provision in a claims-made policy stating that the insurer remains liable for claims caused by wrongful acts that took place under an expired or canceled policy, for a certain time period.

We hope the you have a better understanding of the meaning of Runoff Provision.

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