Claims-Made Basis

What is it?

Some insurance policies provide coverage on a claims-made basis rather than on an occurrence basis. This means the insurance company is responsible for paying claims--up to the coverage limit(s) specified in the policy--that are filed during the time period when your policy is in effect, regardless of when the event leading to the claim actually occurred (check the Declarations Page of your policy to determine the exact time period for which the policy is in effect). Unlike an occurrence basis policy, a claims-made basis policy will cover you for incidents occurring before the start date of the policy as long as the claim itself is filed after the start date. In effect, the date of the incident in question does not affect coverage. Experts often advise that it is very important when purchasing a property and casualty policy to find out if claims are paid on an occurrence basis or a claims-made basis. Keep in mind, however, that claims-made coverage is generally not available for most homeowners policies.

Notice:

The information published on Continental National Bank website is true and accurate to the best knowledge of the bank at the time of publishing; Continental National Bank cannot be held liable for any actions that are carried out on the basis of that information, and the bank cannot guarantee the accuracy of all the information published. The information and views published on the website are subject to change without notice. Continental National Bank is not responsible for any third party content published on the website. The information published on Continental National Bank website does not in any way constitute advice to customers of any kind; ex. to buy or sell any particular financial instrument, tax advice; and users of the website are solely responsible for any investment decisions and or decisions of any kind, that they may make on the basis of the information published on the website. Continental National Bank cannot be held liable for any damage that may be suffered as a result of the information published on the website or any damage that may be directly or indirectly caused by the use of the website. In addition, Continental National Bank shall not be held liable for any damage arising from an inability to access the website for longer or shorter periods of time. Information offered through INFINEX INVESTMENTS, INC. Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2017.

at 11:34
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