Policy Period
Policy Period is the specific timeframe during which your insurance policy is active and provides coverage, typically one year from the effective date to the expiration date.
What You Need to Know
Your policy period is shown on your declarations page — for example, January 1, 2024 to January 1, 2025. Claims must occur (for occurrence policies) or be filed (for claims-made policies) during this period to be covered.
Coverage Duration: For occurrence policies, any incident during the policy period remains covered forever; for claims-made policies, maintaining continuous coverage without lapses is critical.
Why It Matters for Restaurant Owners
Mark your policy expiration dates on your calendar and begin renewal discussions 30-60 days early. Gaps in coverage are disastrous — claims during uninsured periods become your personal responsibility.
Renewal preparation checklist:
- 60 days before: contact your agent to begin the renewal process and review your current declarations page
- Update property valuations, replacement costs, and current annual revenue and payroll figures
- Document operational changes during the policy period (new locations, alcohol service changes, catering additions)
- 45 days before: compare the renewal quote line-by-line against current limits, deductibles, and endorsements
- 30 days before: finalize and bind the renewal, and if switching carriers, coordinate exact effective dates so there are no gaps or overlaps
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