What Does Claims Occurrence Basis Liability Coverage Mean?
Claims occurrence basis liability coverage is liability coverage that provides financial reimbursement for any covered claim that occurs during the policy period. It will even cover claims that are made after the policy is cancelled, but which are filed for events that happened during the policy period.
Insuranceopedia Explains Claims Occurrence Basis Liability Coverage
Claims occurrence basis liability coverage is an alternative to claims made basis liability coverage. With claims made liability coverage, only claims that are for events during the policy period, and which are filed during the policy period are covered. So the primary difference between the two types of liability coverage is that with claims made, you cannot get reimbursement unless you file the claim during the policy period. With claims occurrence, you can, which makes it, all other things equal, the more desirable type of coverage.