MLchartDataset catalogue

Bilateral extended reporting period provision

Term · Insurance and risk management · MLC-T-INS-000557

A clause in a claims-made liability policy that gives the insured the right to buy an extended reporting period, or tail, when either the insurer or the insured ends the coverage by cancelling or declining to renew it. It is also called a two-way provision. A unilateral provision offers the tail only when the insurer is the one that cancels or nonrenews.

Table 1. Record
IdentifierMLC-T-INS-000557
FieldInsurance and risk management
Record as JSON 
{
  "id": "MLC-T-INS-000557",
  "term": "Bilateral extended reporting period provision",
  "field": "Insurance and risk management",
  "definition": "A clause in a claims-made liability policy that gives the insured the right to buy an extended reporting period, or tail, when either the insurer or the insured ends the coverage by cancelling or declining to renew it. It is also called a two-way provision. A unilateral provision offers the tail only when the insurer is the one that cancels or nonrenews.",
  "url": "https://mlchart.com/terminology/insurance/bilateral-extended-reporting-period-provision/"
}

Record 315 of 3,682 in Insurance and risk management terminology (MLC-0106). Request the full dataset.