When are reference dates reset?

All reference dates are reset at the beginning of a new policy term during renewal or rewrite. Therefore, a building added during a previous policy term has a written date matching the creation date of the renewal. Its effective date is the beginning of the new policy term.

When a coverage or modifier has been bound to a policy, its reference date is set and cannot be changed by future policy change.

For example, a coverage is configured to become unavailable during the course of a policy term. A policy change started after the end date continues to show the previously added coverages and modifiers. These coverages and modifiers continue to be available because the coverage’s reference date for the remainder of the policy term is prior to the end of the coverage term’s availability. New coverages and modifiers added through subsequent policy changes, however, use new reference dates based upon the transaction that adds them.