POLICY COVERAGE TERM Clause Samples
The POLICY COVERAGE TERM clause defines the specific duration during which the insurance policy provides coverage. It typically states the start and end dates of the policy period, clarifying when the insurer's obligations begin and end. For example, a policy might be effective from January 1 to December 31 of a given year. This clause ensures both parties understand the exact timeframe of coverage, preventing disputes about when claims are valid and helping to manage risk and expectations.
POLICY COVERAGE TERM. Policies are normally to be issued for a term of up to one-year plus odd time not exceeding 18 months. In certain circumstances longer term policies may be underwritten for example companies in wind down and asset liquidation or where it is advantageous to BSU to lock in favorable terms for a longer period. Extended Reporting Policies can be written up to a total of 72 months and Extended Reporting Periods greater than 72 months are to be referred to CUO of BSU. The policy period will be controlled through LOA for policy periods greater than 18 months.
POLICY COVERAGE TERM. Policies are normally to be issued for a term of up to 12 months, plus odd time not exceeding 18 months in total. Multi-year policies for projects may be written, subject to the underwriter’s authority in his/her LOA or with Division Leadership approval.