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#209448 04/01/13 07:13 PM
Joined: Dec 2001
Posts: 201
A
ayrton Offline OP
Member
Has anyone here ever had a Tail policy for Acts or Ommissions after closing up shop?

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ayrton #209449 04/01/13 07:39 PM
Joined: Apr 2002
Posts: 7,390
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Can't say I ever heard of that type of policy.


John
HotLine1 #209450 04/01/13 08:31 PM
Joined: Dec 2001
Posts: 201
A
ayrton Offline OP
Member
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.

ayrton #209451 04/01/13 09:15 PM
Joined: Apr 2002
Posts: 7,390
Likes: 7
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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
ayrton #209452 04/01/13 09:23 PM
Joined: Jun 2004
Posts: 1,273
T
Member
http://www.answers.com/topic/tail-coverage

It'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
Tesla #209453 04/02/13 03:40 AM
Joined: Jul 2007
Posts: 1,337
S
Member
Tail policy? Sounds like cover you as... butt...


"Live Awesome!" - Kevin Carosa
ayrton #209456 04/02/13 08:10 PM
Joined: Jun 2004
Posts: 1,273
T
Member
The double meaning must have been obvious to the sales crew from the outset.

Cute.


Tesla
Tesla #209464 04/03/13 09:11 PM
Joined: Oct 2000
Posts: 5,392
S
Member
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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