What Is An Occurrence In Insurance Terms
This is also a common homeowners provision. An occurrence is an accident that results in damage to your property or yourself.
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Fortunately the specialty terms used in the industry are not too difficult to understand.
What is an occurrence in insurance terms. An occurrence-based policy covers losses that happen during the time you have the policy regardless of when you file a claim. A statement added to an insurance policy that alters deletes or adds coverage terms or provisions of the policy. It has to happen during your policy term otherwise it wont be covered by your insurer and can include continuous exposure to the same harmful condition.
Each incident for which a homeowner could make an insurance claim is one occurrence. The language defines an occurrence in terms of how much time can elapse before a series of seismic disruptions are no longer considered a single event. Is the definition of occurrence met when there is no accident.
It is designed to protect you against long-tail events incidents that could cause injury or damage years after they occur. Contrast with Claims-made coverage trigger. It provides a separate coverage limit for each year the policy is in force.
But understanding how your coverage works can be helpful so you will know what to expect. An occurrence policy provides coverage for alleged incidents injuries that happened during the policy year regardless of when the claim is reported to the carrier. Event that results in bodily injury andor property damage to a third party.
Why per Occurrence Matters for Your Insurance Coverage February 22 2021. The occurrence form covers losses that take place during a specific coverage period regardless of when an incident is reported. It doesnt matter if the policy is active when the claim is reported.
In insurance an occurrence is defined as an accident including continuous or repeated exposure to substantially the same general harmful conditions DA. Shutterstock Every claim is different and some insurance policies can be difficult to interpret for unique situations. A claims occurrence form is a type of liability insurance in which the insured is covered for a damage-causing event that happened during the policy period even if the claim is made after the period of coverage is over.
Occurrence in a commercial general liability CGL coverage form an accident including continuous or repeated exposure to substantially the same general harmful conditions. Lets say your business has a commercial general liability insurance coverage written on an occurrence form. A claims-made policy only covers incidents that happen and are reported within the policys time frame unless a tail extension is purchased.
These policies can be costlier than a claims-made policy because of how long coverage applies. An occurrence policy has lifetime coverage for the incidents that occur during its policy period regardless of when the claim is reported. Occurrence Policy a policy covering claims that arise out of damage or injury that took place during the policy period regardless of when claims are made.
An occurrence is an accident a circumstance that happens unexpectedly or by chance. In insurance an occurrence is defined as an accident including continuous or repeated exposure to substantially the same general harmful conditions Insurers typically place a cap on the total. For example an electrician purchases a general liability policy on an occurrence basis.
In home insurance common occurrences include break-ins fires burst pipes or even a dog bite that leads to a liability claim. General liability policies insure liability for bodily injury BI or property damage PD that is caused by an occurrence. An occurrence policy provides coverage for incidents that happen during your policy period regardless of when you file a claim.
Most commercial general liability CGL insurance is written on an occurrence form. Occurrence is a defined term in a general liability policy. A clause that is common to most liability insurance policies stipulates that all bodily injuries andor property damages resulting from the same general conditions are interpreted as resulting from one occurrence and thus subject to the policy limits per occurrence.
For example a chemical spill is a long-tail event because it often takes decades to produce visible injuries or disease. An occurrence is a single event that results in a single insurance claim. Essential that is if youre an insurance carrier.
When an occurrence happens its on you to notify your insurer by filing a claim. Insurance policies can use some fancy language. The policy is effective from January 1 2016 through December 31 2016.
Published November 05 2018 2 minute read. But these provisions could be quite bothersome if you are a policyholder.
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