Liability insurance, occurrence vs claims-made form

An occurrence policy covers claims that occurred during the policy term or the policy year, regardless of the claim report date.  The occurrence date is very important because the insurer at risk at that time will be responsible for settlement. With an occurrence policy, timing of the event or occurrence is important.  On the other hand, a claims-made policy covers claims that are made during the policy period. As a result, the occurrence date is less important.   The vast majority of liability policies are written on an occurrence form. Whereas, specialty coverage such as Professional Liability, Errors & Omissions and Malpractice Insurance are usually written on a claims-made form.