What does Claims Made and Reported Policy mean? Read on to discover the definition & meaning of the term Claims Made and Reported Policy - to help you better understand the language used in insurance policies.
Claims Made and Reported Policy
A type of claims made policy in which a claim must be both made against the insured and reported to the insurer during the policy period for coverage to apply. Claims-made and reported policies are unfavorable from the insured's standpoint because it is sometimes difficult to report a claim to an insurer during a policy period if the claim is made late in that policy period. However, more liberal versions of claims-made and reported policies provide postpolicy "windows," which allow insureds to report claims to the insurer within 30 to 60 days following policy expiration.
We hope the you have a better understanding of the meaning of Claims Made and Reported Policy.