Your expiring policy(s) have been written under a CLAIM-MADE POLICY.  The policy only applies to covered claims arising out of your real estate activities, as defined in the policy, made against you on or after the inception date and before the end of your current policy period that occurred after your retroactive date.

It is important that you maintain continuous coverage.  Failure to renew your coverage with us by January 31, 2008 will result in the loss of your current retroactive date (which provides prior acts coverage).  This means there will be no coverage for claims arising out of real estate activities, as defined in your policy, prior to any new retroactive date. Instead coverage, if any, will only apply to real estate activities that take place on or after any new retroactive date. 

If you are not renewing your coverage with us for any reason or decide to renew after January 31, 2008 you should consider purchasing an Extended Reporting Period Endorsement (“ERP Endorsement”), otherwise known as “tail coverage”.  The ERP Endorsement extends for up to (5) years the time in which you may report certain claims alleging wrongful acts that were committed after your current retroactive date and before your coverage expired on January 1, 2008.  The ERP Endorsement does not extend the policy period and does not change the scope of coverage under the expiring policy.

The cost for the three (3) year extended reporting period is 200% of your expiring annual premium.  The cost for the five (5) year extended reporting period is 300% of your expiring annual premium.  In all cases, your request and payment for either endorsement must be received by our office no later than March 31, 2008.  We will not accept postmarks subsequent to this date to purchase this endorsement.