What is an Expiry Date?
The expiry date, or expiration date, on an insurance policy is the date on which the policy coverage ends. Effectively, it is the date until which the insurance company is obligated to provide coverage for the policyholder, assuming that all premiums are paid and the terms of the policy are met.
Expiry Date in More Detail
For claims-made policies, it often signifies the latest date you can report a claim for any prior acts that are covered. It is important for policyholders to be aware of the expiry date and to renew their insurance policies before they expire to ensure continuous coverage. If a policyholder fails to renew before the expiry date, there may be a lapse in coverage, which could lead to uncovered claims. The expiry date is typically specified on the declarations page in the insurance policy document.
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