The difference is when coverage is “triggered.” With an Occurrence policy, coverage is triggered when a claim for bodily injury or property damage to others “occurs” during the policy period and that claim is reported, or made at any time during the term of coverage or after. With a Claims-made policy, the claim must also occur during the policy period, but can only be “made” during the term of coverage of the policy that is in effect when the claim is made. With most claims-made policies, no claim can be made more than 60 days after coverage ends unless the insured purchases an extended reporting period, or “tail” that will cover claims that happened during the coverage term, but are made months and even years later. With the RWC INSURANCE ADVANTAGE Claims-made policy, you DON'T HAVE TO WORRY about not being covered for claims that happened, but were not reported in time, BECAUSE our Claims-made policy includes an UNLIMITED supplemental extended reporting period, or SERP (sometimes called a “tail”) that covers claims that occurred between the first day of your coverage (known as the retroactive date) and the last day of coverage REGARDLESS OF WHEN THE LOSS IS REPORTED. The limits available on your last policy with us will respond in the event you suffer a covered loss. See our General Liability page to learn more.
