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The benefit of the loss occurrence basis policy in the liability insurance is the fact that the traditional loss occurrence policy obliges the insurer to defend and indemnify the insured against any loss which allegedly"occurred" as the result of an act or omission of the insured during the period of the policy.i.e the insurer's obligation continue towards all claims that may be raised by the insured after the expiry of the policy period , while claims -made insurance policy covers only the claims occurred and notified during the policy period which is usually12 months plus30 days notification period.
However due to the hardest nature of the loss occurrence policy as will as the risk assumed by the insurer the corresponding premium for such coverage will be to some extent much higher than the claims-made basis cover.
With my very best wishes to you.
because not all losses are claimed, meaning that this purchase will be less price because it is more risk weight considering losses occurring.
n.b. If I understand the question properly!
