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#209448 - 04/01/13 06:13 PM Tail insurance  
ayrton  Offline
Member
Joined: Dec 2001
Posts: 201
Pa
Has anyone here ever had a Tail policy for Acts or Ommissions after closing up shop?


Business, Office, Estimating, Legal:

#209449 - 04/01/13 06:39 PM Re: Tail insurance [Re: ayrton]  
HotLine1  Offline


Member
Joined: Apr 2002
Posts: 6,874
Brick, NJ USA
Can't say I ever heard of that type of policy.


John

#209450 - 04/01/13 07:31 PM Re: Tail insurance [Re: HotLine1]  
ayrton  Offline
Member
Joined: Dec 2001
Posts: 201
Pa
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.


#209451 - 04/01/13 08:15 PM Re: Tail insurance [Re: ayrton]  
HotLine1  Offline


Member
Joined: Apr 2002
Posts: 6,874
Brick, NJ USA
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

#209452 - 04/01/13 08:23 PM Re: Tail insurance [Re: ayrton]  
Tesla  Offline
Member
Joined: Jun 2004
Posts: 1,273
Sacramento, CA
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

#209453 - 04/02/13 02:40 AM Re: Tail insurance [Re: Tesla]  
sparkyinak  Offline
Member
Joined: Jul 2007
Posts: 1,328
Alaska
Tail policy? Sounds like cover you as... butt...


"Live Awesome!" - Kevin Carosa

#209456 - 04/02/13 07:10 PM Re: Tail insurance [Re: ayrton]  
Tesla  Offline
Member
Joined: Jun 2004
Posts: 1,273
Sacramento, CA
The double meaning must have been obvious to the sales crew from the outset.

Cute.


Tesla

#209464 - 04/03/13 08:11 PM Re: Tail insurance [Re: Tesla]  
sparky  Offline
Member
Joined: Oct 2000
Posts: 5,311
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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