Your expiring policy(s) are written under a Claims-Made Policy. The policy applies only to covered claims that
occur after your retroactive date (first date of continuous E & O insurance
with no gaps) and the end of the policy period. The policy applies only to
claims first made against an insured and reported to the insurance company on
or after the inception date and before the end of the policy period.
It is important that you maintain
continuous coverage. Failure to renew your coverage with us by April 30th
of your policy expiration date will result in the loss of your current
retroactive date (which provides prior acts coverage). This means there may not
be coverage for claims arising out of real estate activities, as defined in
your policy, prior to any newly established retroactive date. Instead coverage,
if any, will only apply to real estate activities that take place on or after
any new retroactive date.
If you are not renewing your coverage
with us for any reason such as retiring, placing your license inactive, joining
a firm group policy that may not pick up your prior acts or decide to renew
after April 30th of yourpolicy expiration date, you should consider purchasing an Extended
Reporting Period Endorsement ("ERP Endorsement”), otherwise known
as "tail coverage”.The ERP Endorsement extends the time in
which you may report certain claims alleging wrongful acts that were committed
after your current retroactive date and before your coverage expired. The ERP Endorsement does not
extend the policy period and does not change the scope of coverage under your
The cost for the ERP Endorsement is
75% for a one (1) year period, 150% for a two (2) year period and 200% for a three (3) year period of the annualized premium (including
any endorsement premiums) that you paid for coverage that expired on April 1st.
To purchase the ERP Endorsement, please send a written request, along with your
payment before June 29th. If we receive your request after June 29th
we cannot issue the ERP Endorsement to your expiring policy.
underwritten and coverage(s) provided by Zurich American Insurance Company.
an individual member company of Zurich in North America. The descriptions
herein are summaries only. They do not in any way amend any coverage(s) you may
have purchased from Zurich or any other member companies of Zurich in North
America, and do not include all terms, conditions and/or exclusions of the
policy(ies) described herein. Please refer to the actual policy(ies) for full
terms, conditions, and exclusions and complete details of coverage(s).