What is the difference between claims-made and occurrence insurance?

Claims-made and occurrence insurance are two types of insurance policies available in Indiana. The main difference between the two is when the coverage applies. Claims-made insurance covers losses from claims made against the policyholder while the policy is still in effect. It does not cover claims arising from events that occurred prior to the policy being in effect. This means that if a policyholder’s policy expires, they may not be covered if a claim is made against them for an event that occurred while the policy was in effect. This type of insurance is less expensive than occurrence insurance. Occurrence insurance covers losses from events that occurred while the policy was in effect, regardless of when the claim was made. This means that even if the policy has expired, a policyholder may still be covered if a claim is made against them for an event that occurred while the policy was in effect. This type of insurance is more expensive than claims-made insurance, but it offers the policyholder more protection. In Indiana, it is important to understand the difference between claims-made and occurrence insurance in order to choose the right policy for your needs. Both types of insurance provide important coverage, but it is important to decide which type offers the best protection for your specific needs.

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What is the difference between claims-made and occurrence insurance?

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