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.