claims-made policy

claims-made policy

Etymology: L, clamere, to cry out; ME, maken + L, politicus, the state
a professional liability insurance policy that covers the holder for the period in which a claim of malpractice is made. The alleged act of malpractice may have occurred at some previous time, but the policy insures the holder when the claim is made. Compare occurrence policy.
A type of medical malpractice or professional liability insurance policy for a physician or other health care professional in which coverage is provided for any claim that occurs only while the policy is in force, regardless of when the alleged malpractice, negligence, or injury occurred

claims-made policy

Malpractice A type of medical malpractice or professional liability insurance policy for a physician or other health care professional in which coverage is provided for any claim that occurs only while the policy is in force, regardless of when the alleged malpractice, negligence, or injury occurred. Cf Nose coverage, Occurrence policy, Tail coverage.
References in periodicals archive ?
Physicians renewing a claims-made policy are covered from the first year that they owned the policy.
With a claims-made policy, it doesn't matter when the occurrence took place and it is clear which policy should respond to the claim.
If a claims-made policy is discontinued, the doctor must obtain "tail" coverage to cover past actions.
The broad-form, claims-made policy provides coverage for Directors & Officers, Errors & Omissions, Employment Practices Liability insurance lines, and can include provisions for General Liability risks.
In fact, a key to distinguishing a claims-made policy from an occurrence policy is the very absence from an occurrence policy of a discovery or manifestation requirement.
Tail insurance, formally known as extended reporting period, continues your ability to defend claims after the claims-made policy is out of force.
Prior acts are especially important on a claims-made policy form since claims against appraisers usually don't occur until a period of 18 to 36 months after the appraisal was completed.
Extended reporting period insurance provides a specific time flame after a claims-made policy has expired, during which a claim made against the insured will be treated as if the claim was made and reported to the insurer before expiration.
The problem of a claims-made policy develops if the policy is cancelled.
Changes in insurance programs, including providers purchasing lower limits of liability and using claims-made policy forms, are also contributing to the improvement of insurance availability and affordability.
Coverage is provided on a claims-made policy form with retroactive coverage available.
You are protected under a claims-made policy form, which is standard for the industry.