What is a “claims-made” insurance policy?
A policy that is written on a claims-made basis and coverage provided by that policy, applies to negligent acts, errors and omissions completed between the Prior Acts or Retroactive Date and the end of the policy period. The claim must be made against the policy while the policy is in effect. Once a claims-made policy lapses or is terminated, all coverage ceases for any claims or potential claims not already reported to the insurance carrier, regardless of when the negligent act, error or omission actually occurred.
