What Is Claims-Made Policy?
An insurance policy that covers claims only if the claim is reported to the insurer during the active policy period. This contrasts with occurrence-based policies and is common in professional liability coverage.
Claims-Made Policy across 2 exams
Claims-Made Policy appears on the following exams. Each defines it in the context candidates are tested on:
- Property & Casualty
- An insurance policy that covers claims only if the claim is reported to the insurer during the active policy period. This contrasts with occurrence-based policies and is common in professional liability coverage.
- Surplus Lines
- An insurance contract that covers claims only if both the incident and the claim are reported during the policy period or within a specified tail period. These policies are common in professional liability coverage and require careful management of retroactive dates.