An Occurrence policy is when the insured is covered for any incident that occurs (or occurred) while the policy is (or was) in force, regardless of when the incident is reported or when it becomes a claim. For example, if a claim is made today based on treatment rendered in 2018, the 2018 occurrence policy responds. Occurrence policies have three benefits:
- Confidence: allow you to keep in place the annual limits you buy
- Flexibility: don’t require a tail – you can practice when and how you choose
- Value: when including the cost of tail coverage, occurrence policies are less expensive than claims-made policies
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