claims-made and reported policy
A type of claims made policy in which a claim must be both made against the
insured and reported to the insurer during the policy period for coverage to
apply. Claims-made and reported policies are unfavorable from the insured's
standpoint because it is sometimes difficult to report a claim to an insurer
during a policy period if the claim is made late in that policy period. However,
more liberal versions of claims-made and reported policies provide postpolicy
"windows," which allow insureds to report claims to the insurer within 30 to
60 days following policy expiration.
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PLI VIII.C