What does Claims Made and Reported Provision mean? Read on to discover the definition & meaning of the term Claims Made and Reported Provision - to help you better understand the language used in insurance policies.
Claims Made and Reported Provision
A claims-made coverage trigger requiring that a claim be both made against the insured and reported to the insurer during the policy period for coverage to apply. Such provisions, which are found most frequently in professional and directors and officers (D&O) liability policies, often cause problems if a claim is made against an insured late in a policy period and the insured is unable to report the claim to the insurer prior to expiration of the policy.
We hope the you have a better understanding of the meaning of Claims Made and Reported Provision.