Continuation of coverage in bankruptcy provision

{
  "id": "MLC-T-INS-000934",
  "term": "Continuation of coverage in bankruptcy provision",
  "field": "Insurance and risk management",
  "definition": "A policy clause that specifies how coverage applies after an insured entity declares bankruptcy or ceases operations. This provision is particularly relevant for policies with long reporting tails, such as those for environmental or asbestos-related liabilities, where claims might not be filed for many years after the policy period ends. It clarifies the rights and responsibilities of the insurer and the bankrupt estate regarding outstanding and future claims under the policy.",
  "subject": "Commercial Liability",
  "url": "https://mlchart.com/terminology/insurance/continuation-of-coverage-in-bankruptcy-provision/"
}