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What is the difference between a claims made and occurrence general liability policy?
Wiki User
∙ 15y ago
Professional Liability Policies are generally "Claims Made" policies. This type of policy offers coverage for "claims made during the policy term". An injury that occurred long before the policy became active could still be covered based on the retro active coverage date.
Wiki User
∙ 11y ago
Wiki User
∙ 15y agoOccurrence policy key date is the date of the Occurrence or accident. If that date is during the effective policy period, that policy applies. On claims made policies, the trigger date is the date the claim is made or the policy holder becomes aware of a claim being made. If that date is during the effective policy period, that policy applies. Generally claims made policies are found in professional liability policies (doctors and lawyers) as well as errors and omissions policies.
Claims made policies have what's called a Retroactive Date - This is gennerally the effective date of the first claims made policy writte. This date means that the insurance carrier WILL NOT pay any claims that occur prior to that date. Furthermore, once the policy expires, any claims that have not been reported during the policy term are not covered. You don't actually have any less coverage, but you have less time to report a claim. There are endoresments you can buy to extend the claim reporting time once the policy expires. An occurrence policy will let you report a claim today on a policy that was in force 5 years ago. You generally can't do that on a claims made policy unless you purchase endorsements. The claims made policy is becoming popular for fighting construction defect claims where builders are being sued today for something they did 7 years ago. If the contractor has a claims made policy now, that policy will not respond to the claim.
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