Which type of policy is triggered by an occurrence during the policy period, covering claims made later?

• A. General Liability Policy
• B. Occurrence Form Policy
• C. Claims Made Policy
• D. Comprehensive Coverage

Answer: (B)

The type of policy that is triggered by an occurrence during the policy period and covers claims made later is the Occurrence Form Policy. This policy provides coverage for incidents that happen during the time the policy is in effect, regardless of when the claim is actually reported or filed. This means that if a claim arises from an incident that occurred during the policy period, even if it is made years later, the insurer is obligated to cover it as long as the incident occurred while the policy was active.

This is particularly beneficial for insured parties because it offers protection for long-tail claims, where the effects of an incident may not be realized or reported until a significant time has passed. In contrast, other policy types have different triggering mechanisms and might not offer this level of protection for events that happened in the past if reported after the policy has expired. Understanding these nuances helps insureds choose the right coverage based on their specific risk exposures.