Which form covers losses that are sustained at any time and discovered during the policy period or within 60 days after expiration?

The Discovery Form is designed specifically to cover losses that occur at any time as long as they are discovered during the active policy period or within a specified extension period of 60 days after the policy has expired. This feature is particularly important for policies that deal with certain types of liability or property damage claims where the occurrence of the loss and the discovery of the loss can occur at different times.

This form provides insureds with a degree of protection by allowing them to report claims that may not have been discovered until after the policy has expired, thus recognizing that not all issues can be identified immediately. The Discovery Form is advantageous for businesses or individuals who may have exposures that take time to manifest, such as certain types of fraud or long-tail claims.

In contrast, other forms such as the Occurrence Form only cover losses that occur during the policy period, not necessarily those discovered afterward. The Reporting Form requires claims to be reported during the policy period for coverage, and the Claim Form generally refers to the paperwork associated with notifying the insurer of a loss, which doesn’t capture the discovery timeframe.