What Does Runoff Provision Mean?
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
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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