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An "extended reporting period," or ERP, is an important component in a "claims made" professional liability policy. (Big Stock)[/caption] There have long been issues that cause confusion or are mysterious among those involved with coverage. To be clear, I'm not talking about the debate over whether faulty workmanship is an "occurrence" or whether the pollution exclusion should apply narrowly or broadly. Those are disagreements over policy interpretation that everyone understands; they just don't agree. I'm talking about something simpler: a misunderstanding of an issue at its core or just lack of knowledge. These are the issues about which, if you ask five coverage professionals what something means, you'll get more than one answer, perhaps some wrong answers and perhaps some "I don't knows." What follows is a list of eight of the greatest coverage mysteries that I have seen over the years. Editor's Note: A version of this article was originally published at www.CoverageOpinions.info. See also: Do you know these 10 property insurance terms? Do your clients?
An "extended reporting period," or ERP, is an important component in a "claims made" professional liability policy. (Big Stock)[/caption] There have long been issues that cause confusion or are mysterious among those involved with coverage. To be clear, I'm not talking about the debate over whether faulty workmanship is an "occurrence" or whether the pollution exclusion should apply narrowly or broadly. Those are disagreements over policy interpretation that everyone understands; they just don't agree. I'm talking about something simpler: a misunderstanding of an issue at its core or just lack of knowledge. These are the issues about which, if you ask five coverage professionals what something means, you'll get more than one answer, perhaps some wrong answers and perhaps some "I don't knows." What follows is a list of eight of the greatest coverage mysteries that I have seen over the years. Editor's Note: A version of this article was originally published at www.CoverageOpinions.info. See also: Do you know these 10 property insurance terms? Do your clients? Want to continue reading?
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