Should i get claims made or occurrence

Key Takeaways: 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.

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.

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.

Is per claim the same as per occurrence?

On an occurrence basis, the event that caused the loss is the "occurrence," therefore, one deductible applies. On a per claim basis, one event may involve multiple claimants; therefore, a separate deductible applies to each party to the claim.

What triggers an occurrence?

Under an occurrence policy, the occurrence of injury or damage is the trigger; liability will be covered under that policy if the injury or damage occurred during the policy period. Under a claims-made policy, the making of a claim triggers coverage.