Insurance Definition Of Occurrence
An occurrence basis policy is one of two types of commercial liability insurance.
Insurance definition of occurrence. 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. The other is a claims made policy. 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. 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.
The insurance company can still pay for damages in behalf of dr. Insurance glossary occurrence based insurance policy definition occurrence based insurance policy occurrence based insurance is a type of policy that pays for losses that occur during the policy period even if it s no longer active when you file a claim. 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. Occurrence in a commercial general liability cgl coverage form an accident including continuous or repeated exposure to substantially the same general harmful conditions.
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. The courts looked to the carriers definition of occurrence in making this determination. The policyholders sought to have it declared by the courts as two occurrences thus doubling the payout by the insurance carriers. Occurrence coverage covers incidents that happened while the policy was in.
Occurrence definition the action fact or instance of occurring. An occurrence is an accident that results in damage to your property or yourself. When an occurrence happens it s on you to notify your insurer by filing a claim. Many businesses protect themselves from lawsuits based on allegations of bodily injury or property damage by purchasing commercial general liability insurance.
Insurance companies can provide two types of liability insurance coverage through an occurrence policy and claims made. A commercial liability policy covers damages an insured business is legally obligated to pay for bodily injury or property damage caused by an occurrence. This is also a common homeowners provision. Smith even if the policy period had ended because what caused the damage happened during the policy period.
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