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Occurrence Form Vs. Claims Made Policies

  • Occurrence Form(less risky): on Policies like MMIP we offer occurrence form. This allows our customers to retroactively file a claim even if their policy since lapsed. As long as the policy is active during the time of the incident our customer can still file a claim.
  • Claims Made (More Risky): If a policy is claims made (like some of our competition offers) once you allow the policy to lapse, you are no longer able to file a claim or you must purchase additional tail coverage.

Individual aggregate vs shared aggregate

The aggregate is the total amount we will pay over the course of one year in claims. It can also be seen at the total pool of money the insured has access to.

  • Individual aggregate (less risky): An individual aggregate which mean that pool of money is yours and yours alone. Our policy is an individual aggregate.
  • Shared aggregate(More risky): This implies you share of pool of money with other insureds you most likely will not know. Throughout the year the other insured on the aggregate could be filing claims and draining the pool. This can possibly deny you access to filing a claim if the aggregate has been depleted of funds.

Hope this is what you are after!

Kind Regards,

Jacob Manners

Affinity Sales Specialist

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