An introduction to the occurrence form general liability insurance policy

Most insurance carriers issue commercial general liability insurance policies on an occurrence form. In contrast to the claims-made policy I discussed in previous videos, the occurrence form policy covers claims arising out of damage or injury during the policy period, regardless of the date of the claim filing. In this video, Mike Fusco introduces the occurrence form policy and discusses an upcoming interview with a claims specialist to provide real-life claim examples.

WHAT IS GENERAL LIABILITY

General liability insurance protects commercial policyholders from most liability exposures other than automobile, professional liability, and management liability. Furthermore, general liability does not protect businesses against losses to their property, including business interruption insurance.

THE OCCURRENCE BASIS

Insureds need to understand that for coverage to trigger under the occurrence form policy, the act giving rise to the claim must occur within the policy period. However, unlike the claims-made insurance policy, the policyholder does not need to report the claim during the policy period. In industries such as construction, the act causing damage or injury often does not occur during the policy period. The basis of an occurrence form is a big reason we constantly educate our clients on keeping consistent general liability insurance coverage.

EXAMPLES OF OCCURRENCE FORM CLAIMS FROM AN EXPERT

We will soon interview a claims expert on our podcast to provide real-life examples of claims paid under the occurrence form policy. The claims professional will also provide recommendations for business owners as follows: 1) Helpful documentation to provide during a claim; 2) Ways to avoid creating gaps of insurance; 3) Things to consider when a claim arises and; 4) Early reporting of general liability claims.

STEPS TO TAKE TO ENSURE BETTER PROTECTION

If you are unsure of your protection or don’t understand your insurance coverage, please reach us at 858-384-1506. We are happy to connect you with an associate to assist. Thank you again for visiting us!

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