Insurance policies are offered in two forms:
- Occurrence Policies
- Claim Made Policies
Difference Between Occurrence Policies and Claims Made Policies:
The claim made policies includes the following
- Ensures incidents that are on or after the effective date of the policy.
- It should be reported during the policy term.
- The policy may retroactively cover incidents occurring before the policy date.
An Occurrence policy covers:
- Events occurred during the policy effective period.
- Be caused by an event occurred in the place of the coverage territory.
Know more about the business insurance policy.
