claims-made
A term describing an insurance policy that covers claims first made (reported
or filed) during the year the policy is in force for any incidents that occur
that year or during any previous period during which the insured was covered
under a "claims-made" contract. This form of coverage is in contrast to the
occurrence policy, which covers an incident occurring while the policy is in
force regardless of when the claim arising out of that incident is filed—1 or
more years later.
Links for IRMI Online Subscribers Only:
CLI II.C;
PLI VIII.C