Policy trigger
The date of sale is not necessarily the date that triggers coverage.
Occurrence and claims-made forms answer the timing question differently.
Occurrence coverage
An occurrence form generally looks to when covered bodily injury or property damage happened, subject to all terms. A claim may be reported later. Long-tail allegations can involve several years and disputed injury dates.
Claims-made coverage
A claims-made form generally requires the claim to be first made during the policy period. Some forms also require reporting during that period. The retroactive date and prior-knowledge wording are critical.
Changing forms or carriers
Do not replace claims-made coverage without reviewing continuity, pending circumstances and extended reporting rights. Moving between claims-made and occurrence structures can create gaps or overlaps.
Keep records
Retain policies, endorsements, applications and product sales records indefinitely when practical. Old policy language may control a future claim.
Product liability guidance