occurrence policy
An occurrence policy is a type of insurance that covers incidents happening during the policy period, regardless of when a claim is made. For example, if a policy is active for one year, it will cover any claims for incidents that occur during that year, even if the claim is filed years later. This is especially important for liability insurance, as it protects against unexpected claims that might arise after the policy has expired. Essentially, it offers long-term security for policyholders against unforeseen events.
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An Occurrence policy is a type of insurance that provides coverage for claims made during the policy period, regardless of when the incident occurred, as long as it falls within the policy's coverage period. This means if an event causing damage or injury happens while your policy is active, you’re protected—even if the claim is filed long after the policy has expired. Occurrence policies are commonly used in general liability insurance and offer peace of mind by ensuring that you are covered for unexpected incidents that arise after your policy ends.