What triggers coverage under a liability policy that provides occurrence basis coverage?

What is the meaning of occurrence trigger?

In simpler terms, an occurrence trigger is used to determine whether a policy covers an event or claim even if the actual lawsuit or other legal action is not filed until after the policy period has ended.

What triggers an insurance claim?

This means that the triggering event, usually an accident or incident which causes physical injury or property damage, needs to occur during the period that the policy is in force, but you can notify the insurance company about the loss after the policy is no longer in force.

What are the different types of triggers in insurance?

In insurance parlance, a trigger is an event that activates coverage. Courts typically look to the four established trigger theories when making a determination. In addition to the injury-in-fact trigger, there is also an exposure trigger, manifestation trigger, and continuous trigger.

Which coverage is triggered when a claim is first made against the insured?

Other CGL policies are written on a "claims-made" basis. Claims-made CGL policies are triggered when a "claim" for BI or PD is first made against an insured—provided the BI or PD took place after the "retroactive date" shown in the policy declarations page.

What triggers coverage on a CGL policy?

As with bodily injury, property damage must occur during the policy period to trigger the CGL policy. Once the CGL policy has been triggered by property damage taking place during the policy period, damages because of that property damage are also covered regardless of when those damages are incurred.

What does per occurrence basis mean?

A per-occurrence insurance policy offers guaranteed coverage for incidents that happen while your policy was active. If you cancel your policy and file a claim that occurred during the policy period but after your coverage ended, the insurance company would still cover your claim.

What is an example of an occurrence in insurance?

Any accident or incident that can harm a person or their property may count as an occurrence. If a third party trips over a toolbox left sitting at your building site and injures themself, that's an occurrence. However, if the damage or injury is caused on purpose, your liability insurance won't cover you.

What is the first thing an insurer must investigate before taking on a claim?

Insurance companies must search for and consider evidence that supports coverage for the claim. Thus, insurance companies cannot close their eyes to evidence that supports coverage and focus solely on the evidence that denies coverage. Too narrow a focus of investigation?

What is the occurrence basis of insurance?

What Is an Occurrence Insurance Policy? An occurrence policy provides coverage for incidents that happen during your policy period, regardless of when you file a claim. These policies can be more expensive than a claims-made policy because of how long coverage applies.

What is a trigger policy?

"Trigger laws" are laws that are passed by a legislative body but only go into effect once a certain thing happens. That specific event will "trigger" it into becoming enforceable law. Trigger laws are often passed so that a law can go into effect as soon as possible once conditions allow.

What is the triple trigger theory?

Definition: Triple trigger is a theory of insurance coverage that states that all insurers who provided coverage for a risk from the day a claimant is first exposed to an injury-producing product, such as asbestos, until the date of diagnosis or death, whichever occurs first, must cover the loss.

What is under an occurrence coverage trigger?

Under an occurrence trigger, the policy responds to claims based on when the alleged incident took place, regardless of when the claim is reported or when the lawsuit is filed.

What is the difference between occurrence and claims made?

A claims-made policy only covers those that occur and are reported within the policy's timeframe, unless tail coverage is also purchased. An occurrence policy provides lifetime coverage for incidents that take place during a policy period, regardless of when the claim is reported.

What is the first rule of insurance?

First rule of insurance: don't run the risk of being unprotected.

What are the main triggers?

Triggers vary widely from person to person. Many different stimuli can be possible triggers, and they are often strongly influenced by past experiences. External triggers: Think senses – sounds, sights, smells, textures that elicit responses based on past experiences.

What triggers a liability claim?

Liability claims arise when a citizen or other private entity believes that a State employee or department is responsible for monetary damages the citizen experienced. The loss arises from an accident or other unexpected event, and causes an injury or property damage that costs the citizen a monetary loss.

What are the triggers and what are the triggers types?

3 TYPES OF TRIGGERS

1) DML triggers are automatically fired when an INSERT, UPDATE or DELETE event occurs on a table. 2) DDL triggers are automatically invoked when a CREATE, ALTER, or DROP event occurs in a database. 3) Logon triggers is invoked when a LOGON event is raised when a user session is established.

What should you not say when making an insurance claim?

What would you say are the three most common causes of losses?

Fire and explosion, natural catastrophes, and faulty workmanship or maintenance have been the major causes of loss by value of insurance claims over the past five years, according to a new study from Allianz Global Corporate & Specialty (AGCS).

Why do insurance companies drag out claims?

Insurance companies may purposely drag out the claims process, hoping that policyholders will grow frustrated and accept a lower settlement or even drop the claim entirely. This may include excessive paperwork requests, slow response times, or frequent requests for additional documentation.