What is a claims made policy?

A claims made policy is a type of insurance policy used in the state of Texas. It provides protection for entities that may be held liable for claims arising from their professional services. The coverage only applies if the claim is made during the period that the policy is in effect. A claims made policy’s coverage may be triggered if there is a claim made against the insured after the policy has expired. This claim can include allegations of malpractice, negligence or other wrong doing. It is important to note that the policy is not retroactive and will not cover a claim that occurred prior to the policy period. In order to make sure the policy’s coverage is appropriate for the insured’s particular set of services, it is essential to read and understand the policy. The insured should also discuss the policy with an insurance agent in order to ensure that the coverage is adequate for their purposes. Overall, a claims made policy is an important form of insurance for entities that may be liable for claims related to their professional services. By understanding the policy and its coverage, entities may be able to protect themselves and their clients from any issues that may arise while providing services in the state of Texas.

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What is a claims made policy?

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