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Extended reporting period in Canada?

Extended Reporting Period In Canada - ALIGNED Insurance Brokers
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How long is my extended reporting period?

How long is too long? If you experience a claims situation one of the first things on your mind may well be how does an extended reporting period impact my coverage?  It’s notable that Professional Liability, Errors & Omissions, Directors & Officers and/or other insurance policies that are written on a claims made basis may have an extended reporting period

Not understanding or not working with a broker who understands how claims made insurance policies work can create risk. You and your organization may be at significant risk of financial loss if mistakes are made.  This post explains how an extended reporting period in an insurance policy actually works in Canada.

Extended Reporting Period In Canada - ALIGNED Insurance Brokers

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Here’s what this insurance period really is.

Claims made policies are structured by insurance companies to effectively “cap” or “silo” the risk they take on. This is why extended reporting periods in insurance policies exist. This also means that the policies only respond to claims that become known while the extended reporting period or policy is in force.

Claims situations that occur after an acquisition, shut down, the end of certain activities and/or bankruptcy may trigger the extended reporting period in an insurance policy. The extended reporting period is an insured’s way to protect themselves against claims that become known after they cease buying claims made insurance.

It’s all about a date. Understanding extended reporting periods in Canada….

A certain date is what starts an extended reporting period. The date is agreed upon by the insured, the insurance broker and the insurance company.

Once triggered, it provides coverage for any claims that become known after the effective date of the extended reporting period from acts or actions of the insured that occurred prior to the date the of the extended reporting period.


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ALIGNED brokers understand the nuances of commercial insurance coverages and can help you make informed decisions about your business insurance options. Bookmark our insurance info blog to keep current with Canadian insurance insights.

We’re here to help you find the BEST commercial insurance…
Our team of insurance brokers is available to help answer any and all questions you might have about all of our commercial insurance products. If you have a question about business insurance, are uncertain about what a particular insurance coverage term means, or simply want to find commercial insurance that directly aligns with your needs, don’t hesitate to call us toll-free at 1-866-287-0448.

It’s time to get your insurance aligned. Want Canadian business insurance that’s ALIGNED with your bottom line? We can help. 365. Call us toll-free at 1-866-287-0448.

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