What is a claims-made policy?
According to Rupps Insurance and Risk Management glossary: A claims-made policy is defined as a liability policy that provides coverage for an injury or loss if the claim is first reported or filed during the policy period. Generally, medical malpractice, professional liability and high-hazard product liability policies are written on a claims-made basis.
A claims-made policy is a form of insurance that provides coverage to an insured only if the policy is in force on the date the claim is first reported to the carrier and the incident causing the claim occurred after the “retroactive date” on the policy, usually the first date claims-made coverage was purchased from this insurance company.
A claims-made policy is a form of insurance that provides coverage to an insured only if the policy is in force on the date the claim is first reported to the carrier and the incident causing the claim occurred after the retroactive date on the policy, usually the first date claims-made coverage was purchased from this insurance company. Conventus plans to write only claims-made policies.
• A claims-made policy offers protection for claims reported by you during the time the policy is in effect, provided the incident happens after your claims-made retroactive date. If you do not renew your claims-made policy, you may need “tail coverage” to protect you against claims submitted after you last policy has expired or canceled. You may also secure prior acts coverage with your new carrier.
