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.
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