Runoff Provision
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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
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.
More Insurance Terms And Definitions
The Merriam-Webster Dictionary defines insurance as:
b: Coverage by contract whereby one party undertakes to indemnify or guarantee another against loss by a specified contingency or peril.
c: The sum for which something is insured.
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