Run-off insurance
Run-off insurance is an insurance solution designed to address liability exposure that remains after a business or professional has ceased operations or stopped providing insured services. While active operations may end, claims related to past acts can still arise, sometimes years later. Run-off insurance allows an insured to maintain coverage for claims arising from wrongful acts that occurred prior to policy termination and the cessation of the insured activity, where no new exposure is being created (meaning no new professional services, operations, or insured activities are undertaken).
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See also: extended reporting period, tail coverage