What is a claims made policy?

A claims made policy is a type of insurance policy that is designed to cover liability claims that are made during the policy period. The policy remains in effect as long as it is renewed at the end of each term. In Idaho, this type of insurance policy is often used to protect professionals such as lawyers, doctors, and accountants against claims made for malpractice or negligence. Under a claims made policy, the policyholder is protected against claims or suits that are filed during the policy period. In other words, it provides coverage for claims that are made and reported during the policy period, regardless of when the act that led to the claim took place. This type of policy does not provide coverage for claims that were made before the policy began. A claims made policy is different from an occurrence policy, which provides coverage for any claim arising from an incident that occurred during the policy period, no matter when the claim is made. It is important to understand the differences between the two types of insurance policies when choosing coverage for your business. In Idaho, claims made policies are an effective way to provide businesses with liability coverage against legal costs and settlements, and can help protect against the financial risks associated with lawsuits. It is important to carefully review the coverage offered by a claims made policy and make sure that it meets the needs of your business.

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What is a claims made policy?

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