phrase
policy period
In plain English
The dates between which the policy is in effect — typically one year, listed on the dec page.
Coverage starts at 12:01 AM on the effective date and ends at 12:01 AM on the expiration date. Mid-policy events are covered if they fall inside that window. The policy period also defines aggregate-limit refresh.
What it covers
The contract is in force only during this window. Aggregate limits reset at each new policy period (with most occurrence forms).
What it does not cover
It is NOT the period for which a claim must be filed (that's the reporting requirement). On occurrence forms, claims for events during the period can be filed for years afterward.
Where it trips people up
Concurrent expiration of multiple lines (GL, property, auto, WC) at the same date causes painful renewal sprints. Stagger renewal dates to spread the underwriting load.
The technical version
The period during which an insurance policy is in force, defined by the effective and expiration dates stated in the declarations.