Extended Reporting Period. A period allowing for making claims after expiration of a "claims-made" liability policy. Also known as a "tail." See also Basic ERP, Supplemental ERP, Mini Tail, Midi Tail, Maxi Tail.
Extended Reporting Period. We often refer to this as "RPC" for Reporting Period Coverage. In 'claims-made" liability policies, only those claims that occur after the retroactive date and are reported or filed against the insured during the policy period are covered by the policy. The ERP, or tail, is an endorsement available to extend the reporting period for the filing of a claim to give additional time in order to be considered covered.
EXTENDED REPORTING PERIOD. in claims-made liability coverage, the ERP provides a limited time after the policy period during which claims can be made and covered by that policy for occurrences that took place prior to the end of the policy period. Some policies contain a limited ERP and offer the option of purchasing a longer ERP. (See CLAIMS-MADE COVERAGE)