{"id":373,"date":"2020-04-17T12:04:34","date_gmt":"2020-04-17T12:04:34","guid":{"rendered":"https:\/\/sudhirkumarjain.com\/shop\/?p=373"},"modified":"2020-04-22T12:05:37","modified_gmt":"2020-04-22T12:05:37","slug":"insurance-issue-of-the-week-52","status":"publish","type":"post","link":"https:\/\/sudhirkumarjain.com\/shop\/insurance-issue-of-the-week\/insurance-issue-of-the-week-52\/","title":{"rendered":"Insurance Issue of the week-52"},"content":{"rendered":"<p><strong>Liability Insurance-Claim made basis Vs Occurrence basis<\/strong><\/p>\n<p>Any liability can be issued on any of these basis i.e. Claim made or Occurrence basis. In India, generally the policy is issued on Claim made basis but some Private Insurers have come out with Occurrence basis, which\u00a0 in true sense , is not Occurrence basis.\u00a0 Actually, under Occurrence basis, the claim can trigger during the currency of the policy but Insurer may be informed after expiry of the policy i.e even after 20 -25 years and the claim is payable.\u00a0 Under claim made basis, the Insurer should be informed either with in 2 years from the Retroactive date or 6 months after the expiry of the policy. The Private Insurers have increased the time limit of intimation from 2 years to 5 or\u00a0 6 years and\u00a0 claiming it to be \u201cOccurrence Basis\u201d policy. One of the private insurers has defined \u201cevent\u201d\u00a0 as \u201cOccurrence\u201d\u00a0 and claiming it to be the Occurrence basis policy.<\/p>\n<p>An insured has received a Quote, wherein, in the column \u201cRisks Covered\u201d an insurer has shown CGL policy on Occurrence Basis but in the column \u201cPolicy Basis\u201d it has been mentioned as \u201cClaims Made\u201d. The insured has got confused.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Liability Insurance-Claim made basis Vs Occurrence basis Any liability can be issued on any of these basis i.e. Claim made<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[24],"tags":[],"class_list":["post-373","post","type-post","status-publish","format-standard","hentry","category-insurance-issue-of-the-week"],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/sudhirkumarjain.com\/shop\/wp-json\/wp\/v2\/posts\/373","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sudhirkumarjain.com\/shop\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sudhirkumarjain.com\/shop\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sudhirkumarjain.com\/shop\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sudhirkumarjain.com\/shop\/wp-json\/wp\/v2\/comments?post=373"}],"version-history":[{"count":1,"href":"https:\/\/sudhirkumarjain.com\/shop\/wp-json\/wp\/v2\/posts\/373\/revisions"}],"predecessor-version":[{"id":375,"href":"https:\/\/sudhirkumarjain.com\/shop\/wp-json\/wp\/v2\/posts\/373\/revisions\/375"}],"wp:attachment":[{"href":"https:\/\/sudhirkumarjain.com\/shop\/wp-json\/wp\/v2\/media?parent=373"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sudhirkumarjain.com\/shop\/wp-json\/wp\/v2\/categories?post=373"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sudhirkumarjain.com\/shop\/wp-json\/wp\/v2\/tags?post=373"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}