If you choose not to renew a policy as of June 30th, and a claim is made against you on July 30th for an incident that occurred on June 30th. According to your policy, you are not covered. This is what type of policy?

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4 September, 08:14

If you choose not to renew a policy as of June 30th, and a claim is made against you on July 30th for an incident that occurred on June 30th. According to your policy, you are not covered. This is what type of policy?

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Jose Ramsey · Answer 1

C) Claims-made

Explanation:

A claims made policy is a type of policy that provides coverage only if the claim is made during the policy period, regardless of when the wrongful act took place. In order for the policy to provide coverage, the claim should have been filed on June 30th.

On the other hand, a policy that would have covered you would be an occurrence basis policy.