claims-made
When reported, covered
Claims-made describes insurance policies that cover claims filed during the policy period, regardless of when the incident occurred.
This contrasts with occurrence-based policies, which cover incidents that happen during the policy period even if claims come later.
Claims-made policies are common in professional liability and malpractice insurance: Her claims-made policy wouldn't cover the lawsuit because she'd let coverage lapse.
Contractual risk coverage
- coverageExtent of inclusion
- occurrenceSomething that takes place
- tailRear animal appendage
- retroactiveEffective from a past date
professional liability · malpractice · errors and omissions · underwriting · premium · endorsement · exclusion · trigger
Formal notice given
- timelyOccurring when appropriate
- deadlineTime limit for completion
- discoveryAct of finding something
- insurerEntity providing financial protection
written notice · carrier · broker · filing · documentation · incident report · circumstances · denial
Civil court proceeding
- litigationLegal dispute process
- demandForceful request or requirement
- allegationAssertion lacking proof
- wrongful actCivilly actionable misconduct
defense costs · settlement · judgment · third-party · plaintiff · damages · liability · breach
insurance
Contractual risk coverage
- coverageExtent of inclusion
- occurrenceSomething that takes place
- tailRear animal appendage
retroactive · professional liability · malpractice · errors and omissions · underwriting · premium · endorsement · exclusion · trigger · reporting
notification
Formal notice given
written notice · insurer · carrier · broker · filing · documentation · incident report · circumstances · denial · coverage gap
lawsuit
Civil court proceeding
- litigationLegal dispute process
- demandForceful request or requirement
- allegationAssertion lacking proof
wrongful act · defense costs · settlement · judgment · third-party · plaintiff · damages · liability · breach · negligence