The CPA professional liability policy is issued on a "claims-made and reported" basis, meaning that the policy in place at the time that the claim is reported is the policy that will respond.
Insured members who are taking maternity/parental leave are still at risk for professional liability claims as claims can be made days or even years following an incident or exposure. With a “claims-made and reported” policy, it is recommended that you maintain your coverage while on temporary leave from practice to protect against such circumstances.
Good news! Insured members looking to go on maternity or parental leave are provided with 10 years of Extended Reporting Period (ERP) coverage at no additional charge. Extending the reporting period of your policy means that you are securing insurance to respond to potential future professional liability claims arising from prior incidents and exposure that occurred during your past practice.
This means that if you are participating in the CPA insurance program and have discontinued practice because of maternity or parental leave, you will remain protected for up to 10 years following the expiry of your policy. Note that you must renew your insurance and have an active policy in place before returning to practice.