What is Policy Period?

The policy period is the time frame during which an insurance policy is in force and provides coverage. Most commercial insurance policies have a one-year policy period, though multi-year policies are available for certain coverage lines. The policy period is stated on the declarations page with specific effective and expiration dates and times (typically 12:01 AM standard time at the insured's mailing address). For occurrence policies, the policy period determines when covered events must occur. For claims-made policies, the policy period determines when claims must be first made (reported). Understanding the policy period is critical for determining which policy responds when a claim arises.

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