Claims-made insurance policy:
An insurance policy that provides coverage for claims arising from incidents that both occur and are reported to the insurance company while the policy is in force. A claims-made policy is in force from the starting date of the initial policy period (the retroactive date) and continues in force from that date through each subsequent renewal. When a claim-made policy is terminated, future claims arising from incidents that occurred during the policy period are not covered. However, the policyholder normally has the right to purchase an extended reporting endorsement.
**This would be most useful for a business selling a product or service which has the possibility of future liability.
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June 14th, 2008 at 9:19 am
Claims-made insurance policy:
An insurance policy that provides coverage for claims arising from incidents that both occur and are reported to the insurance company while the policy is in force. A claims-made policy is in force from the starting date of the initial policy period (the retroactive date) and continues in force from that date through each subsequent renewal. When a claim-made policy is terminated, future claims arising from incidents that occurred during the policy period are not covered. However, the policyholder normally has the right to purchase an extended reporting endorsement.
**This would be most useful for a business selling a product or service which has the possibility of future liability.
December 4th, 2010 at 5:01 pm
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December 5th, 2010 at 11:26 am
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December 10th, 2010 at 4:30 pm
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