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Glossary
The contract

Discovery period

Also: Extended reporting period

Period after the termination of a claims-made policy during which claims for prior events can still be notified.

In practice

Essential when stepping down from a position or selling the company, as the claim arrives years after the event. It can be automatic and short, or extended to several years with an additional premium.

Where it is addressed

This term is covered in Gobierno corporativo and applies when taking out D&O.

Related terms

Run-offSituation in which a policy ceases to cover new events but maintains cover for previous ones during an agreed period.Claims made basisSystem by which the policy covers claims made during its validity, regardless of when the event occurred, within the agreed retroactivity.RetroactivityDate from which events prior to the inception of a claims-made policy are covered.AccidentEvent of violent, sudden, external cause beyond the insured's will that causes bodily or material damage.Direct action of the injured partyRight of the person who has suffered damage to claim compensation directly from the insurer of the responsible party, without going through them.Aggravation of riskChange in declared circumstances that increases the probability or intensity of the claim. The policyholder must communicate it as soon as possible.
PreviousLoss of profitsNextWaiting period

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