Whats the difference between occurrence and claims-made coverage?
Occurrence policies cover claims on the basis of when they are incurred, regardless of when they are reported. For example, an occurrence policy written for 1997 covers only claims arising out of incidents which occur in 1997 irrespective of when the claim is actually brought. Claims-made policies cover claims on the basis of when they are reported. For example, a claim that is incurred in 1997 but is not reported until 1999 will be covered under the claims-made policy issued for 1999 (assuming the policy is continuously in.force from 1997 on).