Period of Insurance is the timeframe specified in the policy schedule during which coverage is in effect, defined by the inception date (policy commencement) and expiry date. For occurrence-based policies, the insured event must occur within this period for coverage to apply. For claims-made policies, the claim must be first made against the insured during this period, subject to any retroactive date. Coverage ceases at expiry unless the policy is renewed or, in the case of claims-made policies, extended reporting period (ERP) coverage is purchased to extend the time for reporting claims arising from events that occurred during or prior to the expired policy period.
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