Insurance Definition Of Occurrence
Many businesses protect themselves from lawsuits based on allegations of bodily injury or property damage by purchasing commercial general liability insurance.
Insurance definition of occurrence. General liability policies insure liability for bodily injury bi or property damage pd that is caused by an occurrence. An occurrence is an accident that results in damage to your property or yourself. The insurance company can still pay for damages in behalf of dr. It has to happen during your policy term otherwise it won t be covered by your insurer and can include continuous exposure to the same harmful condition.
For a claims made policy to pay the insured both the incident leading to the insured event such as a lawsuit and the filing of the claim must take place during the policy period. When an occurrence happens it s on you to notify your insurer by filing a claim. Understandably the insurance carriers thought it should be viewed as one occurrence thus limiting the payout. Occurrence coverage covers incidents that happened while the policy was in.
This is also a common homeowners provision. The policyholders sought to have it declared by the courts as two occurrences thus doubling the payout by the insurance carriers. Occurrence in a commercial general liability cgl coverage form an accident including continuous or repeated exposure to substantially the same general harmful conditions. An occurrence to ohio courts require that the damage is accidental fortuitous and not a normal business risk of a person in the construction business.
Your insurer will help you with the occurrence up to your limit of. A commercial liability policy covers damages an insured business is legally obligated to pay for bodily injury or property damage caused by an occurrence. Insurance companies can provide two types of liability insurance coverage through an occurrence policy and claims made. An occurrence basis policy is one of two types of commercial liability insurance.
In other words a claims occurrence form protects a person or entity for life for a damage or loss that occurred during a policy period. Occurrence definition the action fact or instance of occurring. An occurrence must be fortuitous ohio bucking the majority of court opinions has interpreted the standard commercial general liability cgl policy to require for coverage to exist that a loss is fortuitous. The other is a claims made policy.
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