Claims Made vs. Occurrence Policies
Some forms of insurance are "claims made," broadly meaning that they cover claims first made during the policy period -- as distinguished from "occurrence" based policies which will cover claims due to events in the policy period, even though the claims may be first asserted many years after the policy expired.
Great care must be taken to provide prompt notice of claims under claims made policies because failure to give that prompt notice may allow the insurance company to deny any defense or indemnity obligations, leaving the policyholder undefended against such a claim. Nossaman's Insurance Coverage lawyers can assist you in assuring that claims or "notices" are timely given, as the policy may require.