A policy providing coverage only if a claim is made during the policy period. If the policy has a retroactive date, a loss that occurred before that date is not covered. Contrast with Occurrence Coverage.
a form of insurance in which coverage is limited to liability only for those claims that arise from incidents or events that both happen and are reported to the insurance company while the policy is in force. As premiums for claims-made insurance reflect ongoing claims experience, they can be readily adjusted up or down as experience changes. When a claims-made policy is terminated, future claims arising from incidents that occurred during the policy period are not covered.
A type of public liability insurance that responds only to claims for injury or damage that are brought (to the insurer) during the policy period (or during a designated extended reporting period beyond expiration). This development was in response to "long tail" claims, such as those related to asbestosis injury, carrying over many years and multiple layers of coverage limits. However, most public liability policies are written on an "occurrence" basis, covering injury or damage occurring during the policy period even if a claim is brought months or even years later.
A policy providing liability coverage only if a written claim is made during the policy period or any applicable extended reporting period. For example, a claim made in the current year could be charged against the current policy even if the injury or loss occurred many years in the past. If the policy has a retroactive date, an occurrence prior to that date is not covered. Contrast with Occurrence Coverage.
Liability insurance that applies only to a claim which is made during the policy period. Opposed to "occurrence" policy.
The most common type of professional liability coverage available, it provides protection for claims that occur and are reported while the policy is in effect (coverage period). Within the conditions of a claims-made policy, a claim must be reported to the carrier in writing by the insured. Tail coverage, or a Reporting Endorsement, provides coverage for claims that occur during the coverage period but are reported after the policy terminates.
A type of liability coverage that imposes strict deadlines regarding timing of claims by plaintiffs and reporting of accidents and claims to the insurer. It is not widely used for general liability coverage, but is more common in professional liability insurance. Claims-made coverage responds to claims made during the policy term, regardless of when the triggering event happened. Most claims-made policies also have a retroactive date to which covered triggering events may have occurred. Claims arising from events that occurred before the retroactive date are not covered. Usually the retroactive date is the date that the insurer began providing the liability insurance.
A policy providing coverage only if a claim is made during the policy period. If the policy has a retroactive date, a loss which occured before that date is not covered. (See Occurrence Coverage for comparison.)
An insurance policy that provides coverage only if a claim is made during the policy period or any applicable extended reporting period. A claim made during the policy period may be charged against a claims-made policy even if the injury or loss occurred many years prior to the policy period. If a claims- made policy has a retroactive date, an occurrence prior to that date is not covered.
