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Joined: Dec 2001
Posts: 200
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Has anyone here ever had a Tail policy for Acts or Ommissions after closing up shop?
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Joined: Apr 2002
Posts: 7,413 Likes: 9
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Can't say I ever heard of that type of policy.
John
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Joined: Dec 2001
Posts: 200
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It is a policy used when a business goes out of business and pays insurance for 'acts and ommissions" (work done) while in business. It is to protect against a claim if it arises in the time between when you close your doors and cease to exist as a business to when the statute of limitations runs out. Was just wondering if anyone here has experienced this.
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Joined: Apr 2002
Posts: 7,413 Likes: 9
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I was under the impression based on info from my insurance agent that the policies in force when the business was active was all that was required.
Think about it, you have coverage until you cancel the policies, and that covers what you did up until you cancel the policy, so why would you need any further coverage??
Talk to your agent.
John
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Joined: Jun 2004
Posts: 1,273
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http://www.answers.com/topic/tail-coverageIt's purchased if and when the policy covered claims on a "When Made" basis. It's far more common among professionals: doctors, architects, engineers, etc.
Tesla
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Joined: Jul 2007
Posts: 1,337
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Tail policy? Sounds like cover you as... butt...
"Live Awesome!" - Kevin Carosa
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Joined: Jun 2004
Posts: 1,273
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The double meaning must have been obvious to the sales crew from the outset.
Cute.
Tesla
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Joined: Oct 2000
Posts: 5,393
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When i saw the thread title i thought seriously how my woman is always claiming i'm a dog trapped in a mans body actually has some credibility....~S~
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Posts: 7,413
Joined: April 2002
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