Question

Abc company purchased an iso commercial general liability policy. the agent who sold abc the coverage noted that the coverage trigger in this policy was different from the trigger in the previous policy. the new policy covers only those claims which are first reported during the policy period, provided the event occurred after a retroactive date. this type of policy is known as

Answer 1

The answer claims-made coverage. In addition, claims-made policy is a policy providing coverage that is triggered when a claim is made in contradiction of the protected throughout the policy period irrespective of when the wrongful act that provided rise to the claim took place in which the one exclusion is when a retrospective date is valid to a claims-made policy.