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Claims made basis definition April 2025 Q1

Y

Yung Sing Fan

Made first post
A claims-made policy covers all claims reported to an insurer within the policy period irrespective of when the incident occurred.
The policy will usually only cover claims that took place after a specified date, known as the retroactive date

If a claims made policy only cover claims that took place after the retroactive date, doesn’t it mean the incident has to occur after the retroactive date or I am mixing up the definition of claim and incident here?
 
Yes that's right. The terms 'claim' and 'incident' are used interchangeably here. So even though it's a claims made policy, the date of event does matter too.
 
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