What is claims made insurance

What does 'Claims Made' mean? Claims Made is a term used to describe an insurance policy which only provides cover for claims which are notified during the term of the policy. This is not necessarily the same time period when the actual incident or error causing the claim occurred.

What is the difference between occurrence and claims made?

An occurrence policy has lifetime coverage for the incidents that occur during a policy period, regardless of when the claim is reported. A claims-made policy only covers incidents that happen and are reported within the policy's timeframe, unless a tail is purchased.

What is the claims made policy?

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 the purpose of the claims made form?

What Is a Claims-Made Policy? Insurance companies commonly write policies on a claims-made form. This means your insurer helps cover claims filed during your policy period.

What is the meaning of claims made basis?

Claims-Made Basis — a form of reinsurance under which the date of the claim report is deemed to be the date of the loss event. Claims reported during the term of the reinsurance agreement are therefore covered, regardless of when they occurred.