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Glossary
The contract

Claims made basis

Also: Claims basis

System by which the policy covers claims made during its validity, regardless of when the event occurred, within the agreed retroactivity.

In practice

It is the standard in D&O and professional liability. It requires attention to two dates in addition to the limit: from when there is retroactivity and until when notification can be made after expiry.

Where it is addressed

This term is covered in Gobierno corporativo and applies when taking out D&O.

Related terms

RetroactivityDate from which events prior to the inception of a claims-made policy are covered.Discovery periodPeriod after the termination of a claims-made policy during which claims for prior events can still be notified.Directors and Officers (D&O)Insurance that protects the personal assets of directors and officers against claims for their management decisions.AccidentEvent of violent, sudden, external cause beyond the insured's will that causes bodily or material damage.Direct action of the injured partyRight of the person who has suffered damage to claim compensation directly from the insurer of the responsible party, without going through them.Aggravation of riskChange in declared circumstances that increases the probability or intensity of the claim. The policyholder must communicate it as soon as possible.
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