What is a “claims-made” form general liability insurance policy?
Under general liability insurance there are two types of coverage forms: the “occurrence” form and the “claims-made” form. The “claims-made” form affords coverage only for losses that occur and claims that are reported during the policy period. This is much more restricted coverage than that afforded by an “occurrence” form policy. This is the reason that University contracts require 3 years “tail coverage” for claims-made policies. “Tail coverage” extends for three additional years the period during which claims can be made against a typical “claims-made” policy. See Quick Tips: Understanding the Acord Certificate of Insurance.
