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APPLICATION FOR INDIVIDUAL (NONPHYSICAL) MEDICAL PRACTITIONERSPROFESSIONAL LIABILITY INSURANCE (Claims Made Basis) APPLICANT IS INSTRUCTIONS: 1. Answer all questions. If more space needed, attach
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How to fill out claims-made vs occurrenceprogressive commercial

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How to fill out claims-made vs occurrenceprogressive commercial

01
To fill out claims-made vs occurrence forms for Progressive Commercial insurance, follow these steps:
02
Understand the difference between claims-made and occurrence policies. Claims-made policies cover claims that are made during the policy period, regardless of when the incident occurred. Occurrence policies cover claims that arise from incidents that occurred during the policy period, regardless of when the claim is made.
03
Determine which type of coverage you need based on your business needs and risk factors. Claims-made policies often have lower premiums initially but may require the purchase of extended reporting period coverage (tail coverage) to protect against claims made after the policy expires. Occurrence policies generally have higher premiums but offer coverage for claims made long after the policy expires.
04
Gather all the necessary information and documentation to accurately complete the claims-made or occurrence form. This may include details of incidents or claims, policy information, and contact information for involved parties.
05
Review the form carefully, ensuring that all information is accurate and complete. Double-check all policy details, dates, and names before submitting the form.
06
Submit the completed form to Progressive Commercial either online, through their customer portal, or via mail as specified by the instructions provided.
07
If you have any questions or need assistance, contact Progressive Commercial's customer service for guidance and support.

Who needs claims-made vs occurrenceprogressive commercial?

01
Individuals or businesses that require insurance coverage for potential claims should consider claims-made vs occurrence policies offered by Progressive Commercial.
02
Claims-made policies may be suitable for those who want more affordable premiums initially and are willing to purchase extended reporting period coverage if needed. Individuals or businesses that have reliable data on historical claims patterns and can accurately predict future claims can benefit from claims-made policies.
03
Occurrence policies may be more suitable for individuals or businesses that want long-term coverage without the need for purchasing extended reporting period coverage. They provide peace of mind by offering coverage for claims that arise from incidents that occurred during the policy period, regardless of when the claims are made.
04
Ultimately, the choice between claims-made and occurrence policies depends on the specific needs, risk factors, and budget of the individual or business seeking insurance coverage.

What is Claims-made vs OccurrenceProgressive Commercial Form?

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Claims-made insurance provides coverage for claims only if the policy is active when the claim is made, while occurrence insurance offers coverage for claims arising from incidents that occur during the policy period, regardless of when the claim is filed.
Typically, businesses and professionals who require liability coverage must choose between claims-made and occurrence policies, depending on their needs and risks associated with their industry.
To fill out the application for claims-made or occurrence insurance, one must provide details about their business, coverage needs, past claims history, and any specific risks they face related to their industry.
The purpose of claims-made insurance is to provide protection for claims made during the policy period, while occurrence insurance aims to cover claims arising from incidents that occurred during the coverage period regardless of when they are reported.
Information required typically includes the nature of business activities, claims history, details of prior insurance coverage, and any specific incidents that might influence the coverage.
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