What’s the difference between occurrence-based and claims-made insurance?

Occurrence-based insurance covers you for claims related to incidents that happened during an insurance policy, no matter when the claim is made. This type of policy never expires. Claims-made insurance covers claims that occur during a policy period and are reported while the policy is active. At the time of your retirement, an Extended Reporting Period (“Tail”) option is usually provided for free converting your policy to an Occurrence type policy that never expires.