Understanding policy type is critical.
Occurrence Policy:
Covers incidents that happen during the policy period — regardless of when the claim is filed.
Claims-Made Policy:
Covers claims reported during the active policy period only.
Key risk:
If a claims-made policy is canceled without tail coverage, prior work may be uninsured.
Common mistakes:
- Not knowing policy type
- Cancelling without tail
- Assuming all policies function the same
Know your structure before a claim happens.
For a policy review, contact Prosperity North Advisors.