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claims-made basis

Claims-made basis is a form of reinsurance under which the date of the claim report is deemed to be the date of the loss event.

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Claims reported during the term of the reinsurance agreement are therefore covered, regardless of when they occurred. A claims-made agreement is said to "cut off the tail" on liability business by not covering claims reported after the term of the reinsurance agreement—unless extended by special agreement.

Related Terms

Occurrence basis means that for coverage to be provided, the act giving rise to a claim needs to...