Definitions for "Discovery Period"
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.