ABC company has liability coverage under a claims-made commercial general liability policy with the basic extended reporting period. Which of the following statements about covered claims is correct?
1) Covered claims are only valid during the basic extended reporting period
2) Covered claims are only valid if they are made during the policy period
3) Covered claims are valid even after the policy period if reported within the basic extended reporting period
4) Covered claims are valid regardless of when they are reported
