The period of time in which claims must be reported under the terms of an insurance policy.
The period of time, commonly one year, after the termination of a surety bond during which covered loss may be discovered, reported, and covered.
A term used in the bonding business. An employee might misappropriate money during the term of a fidelity bond but the employer might not discover this until several months after the termination of the bond. Bonds usually provide a definite period of time after their expiration during which the employer may discover dishonest acts committed while the bond was in force.
refers to a period of time after the cancellation of certain fidelity bonds and policies to discover losses that would have been recoverable had the bond or policy remained in force. See the Extended Discovery Period provision in the CrimeSHIELD policy.
A stated period, often 60 days, at the beginning of a policy term during which an insuror has the option to cancel a policy for any cause. After that period, the policy may be canceled only for reasons permitted by the policy or state law.
A period of time, after cancellation of an insurance contract or bond, during which the insured can discover whether there would have been a recoverable loss if the contract had remained in force. The period varies considerably and, in the case of certain bonds, could be indefinite by statutory requirements.
Time given the insured after expiration of a policy to discover and make claim for a loss that occurred during the policy term.
Under certain bonds and policies, provision is made to give the insured a period of time after the cancellation of a contract in which to discover whether a loss was sustained that would have been recoverable had the contract remained in force. This period usually varies from six months to three years. The period may be determined by statute; in certain bonds, it is of indefinite duration because of statutory requirement.
The period within which a defalcation covered by a fidelity guarantee insurance has to be discovered and notified to the insurers. The period may be longer or shorter than the term of the policy.
under certain bonds and policies, a provision is made to give the insured a period of time after the cancellation of a contract in which to discover whether he has sustained a loss that comes within the terms of the contract, and would have been recoverable had the contract continued in force. This period varies from six months to three years where the company can fix the period of time to be allowed. It may also be governed by statute, and in certain bonds the period is indefinite because of such statutory requirement.
