Policy Benefits The following special claims-made provisions involve concepts relating to continuity of coverage under the claims-made policy. It is especially important to understand these concepts as well as the pertinent policy provisions: 1. Retroactive Date: If there is a Retroactive Date on the policy, coverage is included for damages that occurred after the Retroactive Date and prior to the Effective Date of the policy. To obtain this additional coverage, you must request it at the time of application. 2. Extended Reporting Period (ERP): The Extended Reporting Period (ERP) when applicable, will increase the time within which a claim may be eligible for the policy’s coverage. ERP’s are sometimes referred to as “Tails,” and they ensure that injury or damage is covered as a result of: a. Cancellation or Non-Renewal b. An advanced Retroactive Date c. Replacement with insurance that is not on a claims-made basis for bodily injury or damage. Under certain circumstances, you may purchase an Endorsement providing an Extended Reporting Period for the time-period specified in your policy. Having this Endorsement assures you that claims made after the expiration of the Policy will be considered first made during the policy period. 3. Special Retirement Benefits: If you retire at age 55 or later and have been insured for a minimum of three years, extended insurance is provided at no charge.