What benefit does an endorsement for a supplemental reporting period provide?

An endorsement for a supplemental reporting period is designed to extend the time frame for reporting claims that arise during a specific period after the expiration of a policy. This is particularly useful for claims-made policies, which only cover claims that are reported within the policy period. By allowing additional time for claims to be reported, this endorsement provides policyholders with greater flexibility and peace of mind, knowing that they can still report potential claims that occur during the coverage period even if they do not become known until after the policy has expired. This benefit is essential for ensuring that claims are addressed in a timely manner, especially in industries where exposure to risks may not become apparent until well after an incident occurs.