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UNDERSTANDING THE CLAIMS-MADE POLICY <br /> The claims-made insurance policy provides financial protection for all claims presented during <br /> the current policy year,providing the claim occurred after the prior acts date. <br /> To understand the claims-made policy,we will define: <br /> Current Policy Year: <br /> The policy year begins on the effective date shown on the policy and expires on the expiration <br /> date all shown on the policy. The policy's effective and expiration dates change with yearly <br /> renewal of the policy. The prior acts or retroactive date remains the same, so you are protected <br /> for incidents that occurred prior years by the current policy. <br /> Prior Acts or Retroactive Date: <br /> This is the date (shown on your policy) that dictates if a claim is eligible to be covered. Any <br /> claim occurring after this date, presented during the current policy year, are eligible for coverage <br /> by your current policy. <br /> Supplemental Extended Reporting Period (Tail Coverage): <br /> Should the policy be canceled or non-renewed, you are entitled to purchase insurance protection <br /> for any claims which may be after the cancellation date. The premium charged for this insurance <br /> is based upon the number of years you have been insured (prior acts years) and the limits <br /> purchased. <br /> 54 <br />