What’s Claims Made Liability Insurance

NY State requires the following disclosure on claims made insurance policies - Not a bad description of the issues: In consideration of the premium charged: 1  This is a "claims-made" policy which means, generally, that coverage applies under this policy for only those claims first made against the Insured during the policy period. 2  This … [Read more...]

Insurance Matters: Claims-Made Policies

From my monthly column for CU Management, the basics of claims made policies...Your credit union directors’ and officers’ insurance is unlike most other liability insurance policies.“Normal” casualty insurance policies (general liability, automobile, workers' compensation) pay for events that occur during the policy period. These are called … [Read more...]

Claims Made vs Occurrence Liability Insurance Policies

Most casualty insurance policies (general liability, automobile, workers' compensation) pay for events that occur during the policy period. For example, an auto insurance policy will pay for an accident that occurs while the policy is in force.Directors and officers liability insurance policies, professional liability and employment practices … [Read more...]