An Occurrence Based Insurance Policy is a form of liability insurance policy which provides coverage as long as the claim incident happened when the policy was active.
Even if the Occurrence Based Policy expires, the Insurance Policy will continue to provide coverage for claims which occur during the Policy Period.
Liability Insurance
What is a Claims Made Policy?
A Claims Made Liability Insurance Policy which provides Insurance Coverage only when the liability insurance policy is active. For a Claims Made Policy to pay out a claim, the claim event should take place within the Policy Period.
What is Retroactive Date in Liability Insurance?
Retroactive Date in Liability Insurance is the earliest date from which your Liability Insurance Policy will cover Insurance Claims arising under the Policy. A Liability Insurance Policy will not provide any Insurance Coverage for Claim Incidents occurring prior to Retroactive Date.
What is an Additional Insured in Insurance?
Additional Insured is an Endorsement in Liability Insurance which extends coverage under the Insurance Policy to persons other than the Insured Party. The entity named as an Additional Insured can avail coverage under the Liability Insurance Policy and can also file a Claim with the Insurance Company under the Policy if they are sued.
What is Liability Insurance? – How it Works, History, Features Principles and Types
Liability Insurance is a type of Insurance product which provides coverage against lawsuits arising from Bodily Injury or Property Damage or for Financial Losses suffered by Third Parties on account of negligence, Errors or Omissions or Breach of Duty by the Insured Party.
Duty to Defend in Liability Insurance
Duty to Defend is a provision of Liability Insurance Policies which makes it an obligation of the Insurance Company to provide legal defence against a lawsuit. The Insurance Company can choose the lawyers to defend the Insured in a lawsuit as well as decide whether to settle the case or take fight the case in a court under the duty to defend provision.