Occurrence basis

{
  "id": "MLC-T-INS-002389",
  "term": "Occurrence basis",
  "field": "Insurance and risk management",
  "definition": "A type of liability insurance policy that covers claims arising from incidents that occur during the policy period, regardless of when the claim is reported. This contrasts with a claims-made policy, which only covers claims reported while the policy is in force. Coverage under an occurrence basis policy can extend many years after the policy expires, as long as the event happened during the coverage period.",
  "url": "https://mlchart.com/terminology/insurance/occurrence-basis/"
}