If your contract with WFG or TFA is terminated, you will no longer be eligible for this coverage and it will be cancelled on the date you are terminated. Your coverage does include an Automatic Discovery Period of sixty (60) days following your termination date, provided termination is not for disciplinary reasons. This allows you to report claims under the policy, but only for wrongful acts that occurred prior to your termination date.
If separate E&O coverage with prior acts is not secured, any claims or incidents reported after the cancellation date of your coverage (or discovery period, if applicable) will not be covered, even though the alleged wrongful act occurred prior to your termination date.
You also have the ability to purchase a one-year Optional Discovery Period, to report claims under the policy for wrongful acts that occurred prior to your termination date. This optional Discovery Period would be effective as of your termination date and would continue for 12-months thereafter.