Florida Lawyers Mutual, Professional Liability Insurance

HOW CLAIMS-MADE AND REPORTED COVERAGE WORKS

Think about the type of insurance you have for your house or car. These are called occurrence policies. Coverage under occurrence policies is triggered by an occurrence, an event causing damage or injury. Claims occurring during the term of the policy can be made after the occurrence policy has expired and still be covered, subject to the terms and conditions of the policy.

Professional liability insurance is written on a claims-made and reported basis. This form of coverage requires that all claims be reported to your insurance company in writing while the policy is in effect. Unlike the occurrence form, the insurance carrier for your claims-made policy will not cover a claim that is reported after the policy has expired. Extended Reporting Protection (Tail Coverage), which extends the time allowed to report a claim, is provided in certain situations described by the Policy.