Tail Coverage
Definition of "Tail coverage"
Liability insurance that extends beyond the end of the policy period of a liability insurance policy written on a claims-made basis. Liability claims are often made long after the accident or event that caused the injury. Many liability policies are written on a claims-made basis, which means the insurer pays only claims that are received during the policy period. In that case, an insured needs tail coverage to protect against claims not known about at the end of the policy period. For example, a doctor retires, allows her insurance policy to lapse, and a claim comes in six months later. In order to protect herself, the doctor purchases tail coverage.
Popular Insurance Terms
Coverage available under two forms for actual or attempted robbery of money, securities or other property. Under the First Form the policy covers if the robbery is committed on the premises ...
Frequency of death. ...
Written form which has precisely the same terms as the other property insurance policies covering a particular property. ...
Mutual insurance association that issues insurance to its members on a nonprofit basis. Examples of such associations include fraternal societies, unions, and employee membership groups. ...
Statement showing assets and liabilities of an individual. ...
Act that prohibits employers from discriminating against employees in employee benefit plans, regarding contributions or benefits based on race or gender. ...
Party that shares in the loss under an insurance policy or policies. ...
Detailed descriptive list made available to the survivor (s) of the insured showing: attorney, accountant, insurance agent, and location of important documents such as wills, power of ...
Marine cargo coverage for a single shipment of goods. Also known as special risk insurance and trip cargo insurance. Contrasts with open policy cargo insurance that covers all of a ...
Have a question or comment?
We're here to help.