Occurrence Basis Insurance
/əˈkʌrəns ˈbeɪsɪs ɪnˈʃʊərəns/
Definitions
- (n.) A type of insurance policy that covers claims made for events that occur during the policy period, regardless of when the claim is filed.
The company purchased occurrence basis insurance to protect against liabilities arising from incidents during the policy term.
Forms
- occurrence basis insurance
Related terms
See also
Commentary
Unlike claims-made insurance, occurrence basis insurance focuses on the time the event occurred, making it important to clearly define the policy period in drafting.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.