Reporting insurance on time (8)
I believe the answer is:
coverage
'reporting' is the definition.
(synonyms)
'insurance on time' is the wordplay.
'insurance' becomes 'cover' (I've seen this before).
'on' means one lot of letters go next to another (in a down clue, letters appear on others).
'time' becomes 'age' (an age is a period of time).
'cover'+'age'='COVERAGE'
(Other definitions for coverage that I've seen before include "Commentary" , "policy provision" , "Press reporting" , "level of press attention" , "news attention" .)