Which is cheaper claims-made or occurrence?
What is the difference in cost between a claims-made policy and an occurrence policy? The claims-made policy costs at least 35% less when you compare the cost of buying a claims-made policy and the unlimited tail against having occurrence coverage for the same period.
Are most general liability policies claims-made or occurrence?
Claims-Made Policy — a policy providing coverage that is triggered when a claim is made against the insured during the policy period, regardless of when the wrongful act that gave rise to the claim took place. (The one exception is when a retroactive date is applicable to a claims-made policy.
What is claims-made coverage?
An occurrence is a single event that results in a single insurance claim. In home insurance, common occurrences include break-ins, fires, burst pipes, or even a dog bite that leads to a liability claim. Each incident for which a homeowner could make an insurance claim is one occurrence.