Coverage for alleged errors in the administration of employee-benefit plan administration is available with executive protection. Kidnap, Ransom and Extortion. Type of Policy. A claims made policy provides coverage for a claim made against the insured during the policy period. Thus, the triggering event for coverage is not the claim but the reporting of the claim to the insured.
Courts tend to define a claim as a demand for monetary recovery.
Bendis v. Federal Ins. Home State Sav. Ltd. v. Liberty Mut. Safeco Title Ins. To alleviate any potential dispute over the definition of a claim, newer policies contain definitions, usually stating that a claim is any judicial or administrative proceeding initiated against an insured, in which the insured may be subjected to a binding adjudication of liability for damages.