Question

Craig is just starting out with his business. He needs an insurance policy to cover his liability against any unknown defects within his products. Of the four types of CGL policies listed below, which offers the best coverage for Craig's business, regardless of when a claim is filed?

Option 1: Occurrence CGL Policy
Option 2: Claims-Made CGL Policy
Option 3: Umbrella CGL Policy
Option 4: Aggregate CGL Policy

Answer 1

The best insurance policy for Craig's business, regardless of the timing of a claim, would be an Occurrence CGL Policy. Option 1.

Step-by-step explanation:

The best insurance policy for Craig's business, regardless of the timing of a claim, would be an Occurrence CGL Policy. Option 1.

This policy provides coverage for any unknown defects within his products that may cause liability claims. It covers claims that arise from incidents that occur during the policy period, regardless of when the claim is filed. This means that even if a claim is filed years after the policy has expired, it will still be covered as long as the incident occurred during the policy period.