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 “occurrence policies.” For example, an auto insurance policy will pay for an accident that occurs while the policy is in force. You could cancel your auto insurance the day after the accident and still be covered.

Full Article Here