What is the difference between claims made vs. occurrence?

Occurrence coverage applies to injury or damage that occurs during the policy period, regardless of when the claim is reported to the company. Under occurrence forms, the policy that responds is the policy in effect at the time of the occurrence. Claims made coverage applies to claims occurring on or after the retroactive date and made during the claims-made policy period, even if the injury or damage occurred many years before the current policy term. Under a claims made policy form, the policy in force at the time the claim is made provides coverage, regardless if another claims-made policy was in effect when the loss occurred.

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