Miami Professional Liability Insurance Attorneys

Claims-Made Coverage vs. Occurrence Coverage

There are two basic types of liability insurance. Claims-made coverage and occurrence coverage. There are various differences between these two types of insurance that are important to understand as they can affect the outcome of your case. Here is a general description of these differences and why they matter in insurance coverage disputes.

Liability insurance coverage dispute? Homeowners insurance dispute? Construction defect claim? Chinese drywall damage? Product liability claim? Please contact the Miami professional liability attorneys of Ver Ploeg & Lumpkin, P.A. to discuss your case today.

What Are the Differences?

Claims-made coverage is generally for corporate and business entities. Occurrence-based policies can be for businesses or individuals. In an occurrence insurance policy, coverage is based on a fortuitous event, such as a flood, fire, hurricane, tornado, storm, theft or other type of accident. Under occurrence-based policies, what matters is when the event occurred. The question is this: Was it within the policy period or not? This is a straightforward analysis.

The same is not true for claims-made policies, which often cover corporations and their officers and directors. Under a claims-made policy, the claim generally must be reported to the insurance company within the coverage period. So any delay in reporting a claim can have greater consequences for a business with a claims-made policy.

Contact Us for Florida Liability Insurance Policy Lawyers

If you require legal representation for any of these types of coverages or have questions, please reach out of us. To arrange a consultation to discuss your insurance coverage dispute, please contact us by e-mail or call 305-577-3996. From offices in Miami and Orlando, our lawyers represent clients from throughout Florida and across the nation.