What is a “claims-made” policy?
A Claims-Made policy provides coverage for claims and/or suits made on or after the retroactive date of the policy and are reported while the policy is in force. Once coverage is terminated, reporting rights cease unless extended reporting rights, commonly referred to as “tail,” are purchased. (I.E. A claims-made policy is triggered by the date the claim is reported to the carrier as long as the treatment occurred after the retroactive date and before the cancellation date.
A. A Claims-Made policy provides coverage only for claims made against professional services rendered” on or after the retroactive date of the policy. In addition, the policy only covers claims that are reported while the policy is in force. Once coverage is terminated, reporting rights cease unless extended reporting rights, commonly referred to as “tail,” are purchased.
