claims made policy

Definition of "claims made policy"
  1. A type of insurance policy that offers coverage only for claims that are lodged within the duration of the policy's validity period
How to use "claims made policy" in a sentence
  1. 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.
  2. The claims made policy necessitated that the claimant report the incident within the policy period to qualify for the payout.
  3. As the incident occurred within the duration of the claims made policy, the insurance company was liable to provide compensation to the claimant.

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