An occurrence policy, however, addresses a claim that arises out of an event occurring while the policy is in force, regardless of when the insured submits the claim. Completed operations insurance coverage protects contractors against damage suffered by third parties as the result of the contractor completing an operation. The contractor must take reasonable care in rendering a project safe and free from all possible hazards. Endorsement is a written agreement attached to a policy to add or subtract insurance coverage. Once attached, the endorsement takes precedence over the original provisions of the policy.
Excess insurance is property, liability or health coverage above the primary amount of insurance.
Coverage differs from Umbrella Liability Insurance, in that excess insurance sits above one specific policy. Reinsurance is a form of insurance bought by insurers to spread their own risk and reduce the amount of actual loss from claims. Reinsurance provides many benefits to the insurance company. In particular, it minimizes wide fluctuations in underwriting results caused by large losses. Tail coverage protects the insured against losses from an event that occurred during the policy period, but was reported after the policy expired.