adjective
claims-made
In plain English
A policy form where coverage is triggered by when the claim is filed against you, not when the act happened.
The opposite of an occurrence form. With claims-made, you have to keep continuous coverage — usually with a retroactive date going back to your first policy — or claims for old work won't be covered.
What it covers
Claims first made against the insured during the policy period (and reported during the policy period), regardless of when the act causing the claim occurred — as long as the act occurred after the retroactive date.
What it does not cover
It is NOT occurrence coverage. Occurrence covers the act regardless of when the claim is filed. Claims-made covers the claim filing regardless of when the act occurred (subject to retro date).
Where it trips people up
Letting a claims-made policy lapse without buying tail coverage strands all your prior work uncovered. Tail (extended reporting period) typically costs 100-300% of the last annual premium for a 1-3 year window.
The technical version
An insurance policy form under which coverage applies only to claims first made against the insured and reported to the insurer during the policy period, subject to a retroactive date.