Claims Occurrence Basis Liability Coverage

From Ask in Wiki

Claims Occurrence Basis Liability Coverage ­ method of determining whether or not coverage is available for a specific claim. If a claim arises out of an event during the period when a policy is in force, the insurance company is responsible for its payment up to the limits of the policy, regardless of when the business submits the claim. Experts often suggest that it is extremely important, when purchasing a property and casualty insurance policy, to determine if claims are paid on a claims made basis or a claims occurrence basis.