Insurance Defense and Coverage
Policy Anatomy
A claims-made policy responds based on when a claim is asserted rather than when the injury happened. Coverage requires that the claim be first made during the policy period, and many forms also require that it be reported to the insurer during that period or a short extension.
Most claims-made forms include a retroactive date, excluding conduct predating it, and offer an extended reporting period allowing claims to be reported after expiration for conduct during the term.
Alternative Names:
Claims-Made and Reported Policy
Why it Matters?
Professional liability, directors and officers, and medical malpractice coverage are usually written on claims-made forms, so reporting discipline is itself a coverage condition. Late reporting is one of the few coverage defenses that succeeds without regard to the merits of the underlying claim, which makes intake procedures a genuine risk control.
Frequently Confused with
Related terms
Frequently asked questions
What happens if a claim is reported after the policy period?
What is a retroactive date?
