Attachment basis is a provision in reinsurance agreements that determines whether and in what...
claims-made policy
A claims-made policy provides coverage that is triggered when a claim is made against the insured during the policy period, regardless of when the wrongful act that gave rise to the claim took place.
Additional Information
The one exception is when a retroactive date is applicable to a claims-made policy. In such instances, the wrongful act that gave rise to the claim must have taken place on or after the retroactive date. Most professional, errors and omissions (E&O), directors and officers (D&O), and employment practices liability insurance (EPLI) is written as claims-made policies.
Related Terms
A claims-made coverage trigger obligates an insurer to defend and/or pay a claim on an insured's...
A claims-made and reported policy is a type of claims-made policy in which a claim must be both...
A claims-made coverage trigger requiring that a claim be both made against the insured and reported...
The coverage trigger is the event that must occur before a particular liability policy applies to a...
An occurrence policy is one that covers claims that arise out of damage or injury that took place...
A retroactive date is a provision found in many (although not all) claims-made policies that...
A runoff provision is a provision in a claims-made policy stating that the insurer remains liable...
Tail coverage is a feature found within a claims-made policy that permits an insured to report...
