Discovery Period

|

Generic

What is
Discovery Period
A discovery period (also called an "extended reporting period") refers to a specified timeframe after a policy expires during which the insured can still report claims for incidents that occurred during the active policy period but were not discovered until after expiration.
Discovery Period
in more detail

Discovery periods are typically found in claims-made insurance policies, particularly professional indemnity, D&O, cyber liability, employment practices liability, and errors and omissions insurance, where there can be significant delays between when an incident occurs and when it's discovered. Standard discovery periods are 30-60 days, but extended periods can be purchased to prevent coverage gaps due to delayed detection.

RELATED TERM

ALL CATEGORY