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Claims-Made vs Occurrence Coverages

Looks at the differences in claims-made vs occurrence coverages, and how the retro date affects coverage under the claims-made form.

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We recently received a question from a subscriber regarding a policy for an insured who moved coverage from a claims-made basis to an occurrence form. Under the claims-made policy the insured had a retroactive date going back to 2002, but the occurrence policy, while referencing a retroactive date of coverage, showed the same retroactive date on the declarations as the policy effective date, 4/18/2022.

So what happens when an insured decides to move from a claims-made policy to an occurrence based policy, or vice versa? How does this affect claims under each coverage form and how might the agent’s errors and omissions be triggered?

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