Keyword Analysis & Research: claims made vs occurrence policy irmi

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Frequently Asked Questions

What is the difference between occurrence and claims-made policies?

Occurrence policies cover claims in which the injury or damage occurred during your policy period, if even the claim is made after your policy ends. Claims-made policies require claims to be made while your policy is in effect, not after it ends. Extended reporting periods allow you more time to make a claim but do not extend your policy.

What is claims-made and reported policy?

Claims-Made and Reported Policy. A type of claims made policy in which a claim must be both made against the insured and reported to the insurer during the policy period for coverage to apply.

What is an occurrence policy?

Occurrence Policy. A policy covering claims that arise out of damage or injury that took place during the policy period, regardless of when claims are made. Most commercial general liability (CGL) insurance is written on an occurrence form. Contrast with Claims-made coverage trigger; Claims-made policy.

What is a claims-made coverage trigger?

Under a claims-made coverage trigger, the policy in force when a claim is first known to the insured and is reported to the insurance company is the policy that will apply to the loss.

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