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BEASLEY VIRTUAL CARE APPLICATION NOTICE: THE POLICY FOR WHICH THIS APPLICATION IS MADE CAN BE WRITTEN ON A CLAIMS MADE AND REPORTED BASIS OR ON A CLAIMS MADE/OCCURRENCE COMBINED BASIS, WHICH MEANS

How to fill out claims-made policy versus occurrence

How to fill out claims-made policy versus occurrence

1. To fill out a claims-made policy, follow these steps:
2. Start by obtaining the claims-made policy form from your insurance provider or agent.
3. Carefully review the policy form and understand its terms and conditions.
4. Provide all the required information accurately, including your personal details, business information, and any previous claims history.
5. Pay attention to retroactive dates. A retroactive date is the starting point for the claims that will be covered by the policy. Make sure you enter the appropriate retroactive date based on your needs.
6. Determine the policy limits and select the desired coverage options, such as liability limits, deductibles, and additional endorsements.
7. Submit the completed claims-made policy form along with any required supporting documents to your insurance provider. Keep a copy for your records.
8. Once your application is reviewed and approved, make the necessary premium payment to activate the policy.
9. Keep a copy of the filled-out claims-made policy form and any related documents in a safe place for future reference.

Who needs claims-made policy versus occurrence?

1. Different professionals and businesses have varying needs when it comes to choosing between claims-made policy and occurrence policy.
2. Claims-made policy is suitable for individuals or companies that want coverage for claims made during the policy period only. It is commonly used in professional liability insurance, such as medical malpractice or errors and omissions coverage, where the insured wants protection against claims that arise during the policy period, even if the claim is reported years after the incident.
3. On the other hand, occurrence policy is preferred by those who want coverage for claims that occur during the policy period, regardless of when the claim is made. This type of policy is often used in general liability insurance, property insurance, and other areas where claims may be reported months or even years after the incident.
4. Ultimately, the choice between claims-made policy and occurrence policy depends on the nature of your business, risk exposure, and legal requirements. It is important to consult with an insurance professional or advisor to determine the most appropriate policy for your specific needs.

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What is claims-made policy versus occurrence?

A claims-made policy provides coverage for claims that are made during the policy period, regardless of when the incident occurred. In contrast, an occurrence policy covers incidents that occur during the policy period, regardless of when the claim is made.

Who is required to file claims-made policy versus occurrence?

Typically, professionals who need liability insurance, such as doctors or lawyers, may opt for claims-made policies. Organizations that may face long-tail liabilities, such as construction firms, often carry occurrence policies.

How to fill out claims-made policy versus occurrence?

To fill out a claims-made policy, you need to provide information about the types of coverage desired, the insured's details, and any prior claims made. For an occurrence policy, similar information is needed, focusing on the events that occurred rather than claims made.

What is the purpose of claims-made policy versus occurrence?

The purpose of a claims-made policy is to provide coverage for claims made within the policy period, offering certainty and stability for ongoing claims. The purpose of an occurrence policy is to protect against claims for incidents that occurred during the coverage period, regardless of when the claim is made.

What information must be reported on claims-made policy versus occurrence?

For a claims-made policy, information regarding the claim, incident date, and prior insurance coverage must be reported. For an occurrence policy, details about the incident and the time frame in which it occurred must be documented.