Runoff Insurance

Runoff insurance is a type of insurance that provides coverage for liabilities that arise from events that occurred before the policy was purchased. This type of insurance is often used by businesses to protect themselves from potential lawsuits or other claims that could arise from past actions.

Runoff insurance can be purchased as a standalone policy or as a rider to an existing policy. The cost of runoff insurance will vary depending on the specific coverage that is needed, the size of the business, and the length of time that the coverage is needed.

There are a few different types of runoff insurance policies that are available. The most common type of runoff insurance is known as "claims-made" coverage. This type of coverage provides protection for claims that are made against the policyholder after the policy is purchased.

Another type of runoff insurance is known as "occurrence" coverage. This type of coverage provides protection for claims that are made against the policyholder for events that occurred during the policy period, regardless of when the claim is made.

Runoff insurance can be a valuable tool for businesses of all sizes. It can help to protect businesses from potential liabilities that could arise from past actions, and it can give businesses peace of mind knowing that they are protected in the event of a lawsuit or other claim.

Here are some of the benefits of having runoff insurance:

* It can help to protect businesses from potential liabilities that could arise from past actions.
* It can give businesses peace of mind knowing that they are protected in the event of a lawsuit or other claim.
* It can help to reduce the cost of insurance premiums.
* It can make it easier for businesses to obtain insurance coverage.

If you are considering purchasing runoff insurance, it is important to speak with an insurance agent to discuss your specific needs and to get a quote for coverage.