Claims-made policy
A liability policy whose coverage depends on a claim first being made during the policy period or an applicable extended reporting period, subject to the policy's terms and any retroactive date.
A claims-made policy looks to when a claim is first made and reported, not only to when the underlying work or event happened. Connecticut’s claims-made regulation describes a policy that covers liability for injury or damage when the claim is first made during the policy period or any extended reporting period, subject to its terms and retroactive date.
That makes continuity material. A replacement policy may need prior-acts coverage and a compatible retroactive date; an expiring policy may provide only a limited time to report a later claim. The declarations, reporting condition, retroactive date, and extended-reporting endorsement must be read together.
For the liability implications, see claims-made versus occurrence and tail coverage.
Sources
- Primary source: Connecticut Agencies Regulations § 38a-327-1 — Regulatory definition of claims-made liability coverage, including the role of the first-made claim, retroactive date, and extended reporting period.