I have a couple of questions on this: Firstly, can this be in a reinsurance and insurance contract? Is it only common in covers where latent claims occur, or moreso that the reporting delays are expected to be much longer than the cover period - so for eg, in EL, both for cover on perils unknown at time of wrirting policy, but also for perils that you know are covered and will "begin/start to develop" during the term of contract but wouldnt be noticed (and therefore notified/reported) until after term term of cover ends? (i.e. deafness) It's the time period within which claims should be notified (i.e. reported) but can this be also a smaller period, within the term, or is it usually only on periods after the term ends, i.e. is it defined moreso as the period of reporting, after the original period of cover ends? Thanks very much for this.
I haven't seen loads of contracts but I have only seen it in reinsurance contracts so far. But it could equally apply to both. There are various statue of limitations applicable under various laws in different countries relating to insurance. It is for both latent claims and larger than normal reporting delays. But court actions could rule this invalid anyway. I am not quite sure what you mean in your last question sorry?
