ABC Company purchased an ISO Commercial General Liability Policy.The agent who sold ABC the coverage noted that the coverage trigger in this policy was different from the trigger in the previous policy.The new policy covers only those claims which are first reported during the policy period,provided the event occurred after a retroactive date.This type of policy is known as

Question

Quizplus · Accepted Answer

The policy described in the question is a claims-made coverage policy. This type of policy covers only those claims that are first reported during the policy period, regardless of when the event occurred, as long as the event occurred after a retroactive date specified in the policy. This is in contrast to occurrence coverage policies, which cover claims for events that occurred during the policy period regardless of when they are reported, and extended reporting coverage which provides coverage for claims reported after the policy period but arising from events that occurred during the policy period. Accident only coverage is not a type of liability insurance policy.

ABC Company Purchased an ISO Commercial General Liability Policy