Which insurance policy type addresses claims filed during the policy period for incidents that occurred in the past?

The claims-made insurance policy is designed to address claims that are filed during the policy period, but those claims must relate to incidents that occurred in the past. This type of policy is particularly useful in professions where claims may arise long after the service was provided or the incident occurred.

With a claims-made policy, coverage is activated as long as the claim is submitted while the policy is still active, even if the event leading to the claim took place before the policy was purchased. This means that the insured must maintain continuous coverage; if the policy lapses, any claims arising from incidents that occurred during the period of coverage won't be addressed unless the policy has been extended with tail coverage.

In contrast, an occurrence policy provides coverage for incidents that happen during the policy period, regardless of when the claim is filed, providing a different type of protection that continues even after the policy ends. Errors and omissions insurance typically covers claims arising from professional mistakes or negligence, and builders risk insurance specifically protects against losses during construction projects. These types of policies do not focus on claims made relative to the timing of service or incident occurrence in the same way a claims-made policy does.