Claims Made definition
Claims Made means policies written under a claims-made basis will cover claims made (reported or filed) during the year the policy is in force for incidents which occur that year or during any previous period the policyholder was insured under the claims-made contract. This form of coverage is in contrast to the occurrence policy which covers today’s incident regardless of when a claim is filed even if it is one or more years later.
Claims Made. Coverage. If any required insurance is written on a “claims made” form, Contractor shall maintain the coverage continuously throughout the Term, and, without lapse, for three years beyond the termination or expiration of this Agreement and the JBE’s acceptance of all Work provided under this Agreement. The retroactive date or “prior acts inclusion date” of any “claims made” policy must be no later than the date that Work commences under this Agreement.
Claims Made basis: If the liability insurance purchased by the Contractor has been issued on a “claims made” basis, the Contractor must comply with the following additional conditions. The limits of liability and the extensions to be included as described previously in these provisions, remain the same. The Contractor must either:
a. Agree to provide, prior to commencing work under the Contract, certificates of insurance evidencing the above coverage for a period of two (2) years after final payment for the Contract for General Liability policies and five (5) years for Professional Liability policies. This certificate shall evidence a "retroactive date" no later than the beginning of the Contractor's work under this Contract, or
b. Purchase the extended reporting period endorsement for the policy or policies in force during the term of this Contract and evidence the purchase of this extended reporting period endorsement by means of a certificate of insurance or a copy of the endorsement itself.
Examples of Claims Made in a sentence
The minimum limits of liability shall be: Each Occurrence $5,000,000 Annual Aggregate $5,000,000 Event Management Expenses $5,000,000 Such Cyber Liability coverage must be provided on an Occurrence Form or, if on a Claims Made Form, the retroactive date must be no later than the first date of services provided.
If coverage is provided on a claims made basis, then either an extended reporting period of not less than 24 months shall be included in the Professional Liability insurance coverage, or the Grantee/Recipient shall provide Continuous Claims Made coverage as stated below.
APS will consider claims made insurance coverage on a case-by-case basis APS reserves the right to accept or deny the use of Claims Made Insurance coverage at any time.
General Liability shall be on an Occurrence basis (as opposed to Claims Made basis).
The policy shall state that coverage is Claims Made, and state the retroactive date.
More Definitions of Claims Made
Claims Made basis of Cover means that We only Cover Claims first made against You during the Period of Cover. You must advise Us during the Period of Cover of any Claim first made against You by another party. If You do not notify Us during the Period of Cover You may not be Covered under this Policy.
Claims Made as used herein shall mean (A) In respect of Claims Made Policies, claims first notified to the Company during the term of this Agreement on any in force policy or reporting endorsement arising out of incidents subsequent to the retroactive date of said policy as the result of the rendering of or failure to render a professional service or the reporting of losses which arise from the insured premises and operations incidental to the practice of a physician, hospital or managed care organization and/or (B) In respect of Occurrence Policies, claims or losses first notified to the Company during the term of this Agreement.
Claims Made as used herein shall mean claims first reported to the Company during the period January 1, 1986 to December 31, 1989 and first reported to the Reinsurer during the term of this Agreement.
Claims Made policies, CONTRACTOR shall agree to maintain coverage for two (2) years following 11 the completion of the Agreement.
Claims Made policy(ies), CONTRACTOR shall agree to maintain coverage for two (2) years 29 following the completion of the Contract.
Claims Made coverage is unacceptable, with the exception of Professional Liability. The Contractor agrees that he/she will not use the defense of Governmental immunity in the adjustment of claims or in the defense of any suit, unless requested by the State.
Claims Made means the malpractice insurance policy responds if it is in place at the time in which a claim for damages or other relief is made against a member;