claims made policy
- A type of insurance policy that offers coverage only for claims that are lodged within the duration of the policy's validity period
- To ensure coverage for potential losses, the business decided to invest in a claims made policy where coverage depends on the timing of the claim filing.
- The claims made policy necessitated that the claimant report the incident within the policy period to qualify for the payout.
- As the incident occurred within the duration of the claims made policy, the insurance company was liable to provide compensation to the claimant.