Managing your Policy
Cancelling Your Policy
If you are considering cancelling your policy, talk to your broker or agent first. It is important that you do not just let your policy lapse or just stop paying your premiums. Also note that there may be a charge if you cancel your policy before the renewal date.
Extra Time to Submit Claims: The Discovery Period
Cancelling your policy is more of an issue with claims-made policy as you cannot submit claims after the cancellation. However, once you request to cancel a claims-made policy, you are usually given a short “discovery period” when you can submit any claims. You may also have the option of purchasing an extended discovery period for the policy to ensure all claims are submitted before the coverage ends.