Which form of CGI insurance has a coverage trigger based on when the claim for a loss was filed?

The claims-made form of insurance is specifically designed to provide coverage based on when a claim is reported, rather than when the incident that gave rise to the claim occurred. This means that in order for a claim to be covered, it must not only fall within the policy period but also be reported to the insurer during that same policy period. This is particularly vital for professionals who need to manage risks related to claims that may arise well after a service has been provided or an incident has occurred.

The claims-made form has an advantage in that it can encourage timely reporting and claim management, aiding in the efficient handling of claims. When a policy is in effect, it provides coverage for any claims made against the insured for incidents that occurred during the time the policy was active, as long as they are reported while the policy is still in effect.

Understanding this form is crucial for those involved in professions that may face potential claims over time, such as healthcare professionals and legal services, as it shifts the focus from the timing of the incident to the timing of the claim itself for coverage.