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.
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??
