Extended Reporting Period (ERP) Endorsement
Frequently referred to as “Tail Insurance” or “Tail Policy”, an Extended Reporting Period Endorsement or ERP is not a separate policy at all. An ERP is unique to “claims made and reported insurance” because a lawyer continues to need insurance protection for Professional Services already rendered at the time the LPLI policy expires in order to protect the lawyer from a subsequent claim arising from those Professional Services. An ERP is simply an endorsement attached to an existing LPLI policy that extends the time within which a claim may be reported under the policy. It is important to note that an ERP does not extend coverage for Professional Services rendered after expiration of the existing LPLI policy, but rather extends the time during which a claim may be reported to the Insurer for a claim arising from Professional Services rendered prior to expiration of the LPLI policy. All three of ALPS’s LPLI policies provide the opportunity for the Named Insured to purchase an ERP of different duration, including an ERP of unlimited duration. ALPS Preferred and Premier policies also offer industry-leading free extended reporting periods for certain qualifying events like retirement, death, total and permanent disability, and active military service. Also known as an Extended Reporting Endorsement (ERE), this endorsement must be offered as a policy benefit in most states, but the terms and conditions of an ERP or ERE vary amongst insurers.