Q. What is the difference between Occurrence and Claims-Made Protection?
A. NCMIC understands the importance of having the protection that fits your specific
needs. That’s why we offer both Occurrence and Claims-Made Protection.
Occurrence Coverage provides coverage for injuries that occur during your policy
period regardless of when the claim is reported. Claims may be reported in writing at any
time during your active policy period or after your policy expires, is cancelled or non-renewed.
Claims-Made Coverage provides coverage for injuries that occur and are reported in
writing on or after the retroactive date of your policy, and before the policy expires, non-renews or was cancelled. Upon cancellation, you have the option to purchase an Extended Reporting Endorsement
or “Tail Coverage,” which will allow claims to be reported for an unlimited period of time, provided the injury occurred on or after the retroactive date and before the policy expired,
non-renewed or was cancelled. (Tail coverage
may not be available if policy is cancelled due to non-payment of premium.)
Plus, if you’re switching to NCMIC from another carrier’s claims-made policy, you
may able to further customize your NCMIC coverage by incorporating coverage under
your NCMIC policy dating back to your original claims-made retroactive date. This
important feature gives you protection for claims that may eventually be filed as
a result of incidents that occurred after your retroactive date and prior to the
effective date of your NCMIC policy. Contact us so we can help you customize your
policy so there is no break in coverage since
your original claims-made retroactive date.
|