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What is the difference between a policy written on an occurrence basis versus a claims made basis?

April 26, 2017basis OCCURRENCE policy versus written

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What is the difference between a policy written on an occurrence basis versus a claims made basis?

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On an occurrence policy, the claim has to occur during the policy period, regardless of when a claim is actually made or reported. On a Claims Made policy, the claim must be made or reported during the policy period regardless of when the claim actually happened.