Occurrence Form vs Claims Made Insurance Policies
If you are insured from January 1st 2020 to December 31st 2020 and an incident occurs in May 2020 but the claim is not filed until May 2021, beYogi still covers you even if your insurance has expired. This is "Occurrence Form" coverage which most yoga insurance companies don't offer.
Occurrence Form vs. Claims Made
Not All Policies are Equal: Occurrence Form vs Claims Made
It is not always clear which option to choose when selecting insurance, and some companies hide their policy details. We're here to clear the confusion when it comes to the different types of policies.
Occurrence Form is the industry-preferred policy type over Claims Made because you are covered for any incident that happened while your policy was in effect.
beYogi Insurance Plus offers the Occurrence form Policy so that our customers do not have to rely on their client that is suing them to file a claim in a timely manner.
What's the Difference?
Any claim filed after the policy expires will still be covered, as long as the incident took place while the policy was active.
Any claim filed after the policy expires will not be covered.
Additional Information On Insurance Policies
Occurrence Form Policy
Occurrence Form policies only need to be active when the incident in question occurs to trigger coverage, regardless of when it’s reported. In other words, any claim filed after an occurrence policy expires will still be covered, as long as the incident took place during the policy term.
Example: Your occurrence policy expired on Nov. 30, and you did not renew it. One of your clients experienced bruising after his acupressure session on Oct. 30, at which point you were insured. The client does not file a claim, however, until Dec. 30. You report the claim to your insurance provider and find out that you’re covered—even though your policy expired a month ago!
Claims-Made policies must be active when the claim is reported in order to trigger coverage. In other words, any claim filed after a claims-made policy expires will not be covered, even if the incident in question took place while the policy was active.
Example: Your claims-made policy expired on Nov. 30. One of your clients experienced pain after her deep-tissue session on Oct. 30, at which point you were insured. However, the claim isn’t filed until Dec. 30, a month after your policy expired. You report the claim to your insurance provider only to find out that you’re not covered because the claim was made after your policy term.
Claims-Made Policy + Tail Coverage
Tail coverage, also known as extended reporting period (ERP) coverage, responds to incidents which occur during the policy term but are not reported until after the policy expires. Claims-made policyholders may purchase tail coverage in order to extend their reporting period once it ends. On average, tail coverage costs two times more than the original term cost at the time of expiration.
Example: Your claims-made policy expired on Nov. 30, and you purchased tail coverage. One of your clients filed a claim on Dec. 30, regarding a massage session you performed on Oct. 30. You report the claim to your insurance provider and find out that you’re covered—even though the claim was reported after your policy expired!
See Who Doesn't Have Occurrence Form
Compare yoga liability insurance in the grid above:
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NOTE: The information in this comparison has been gathered from the websites of each organization and other third-party sources. No guarantee or assurance is made by beYogi as to the accuracy or completeness of this information. This information was confirmed on 7/17/2020.
When a yoga instructor or yoga student teacher has an occurrence form policy through beYogi insurance plus, any incident that occurs during their policy period will be covered. No ifs, ands, or buts. We want you to have peace of mind and spirit when you choose to make the important decision to be insured through beYogi, so we only offer occurrence form coverage on our policies. This means that even years later, and even if your policy has long-since expired, if someone files a claim for the time when your policy was in effect, we’ll make sure you’re covered.
With a claims-made form, the policyholder is usually only covered while their policy is still active or for a set period thereafter if a special endorsement is purchased. If you don’t have an active policy, you probably won’t be covered and you can be putting yourself and your practice at serious risk should a future claim be filed.
BeYogi chooses to offer occurrence form coverage over claims-made form coverage because we have seen how much more beneficial this coverage is to our yoga instructors and student teachers. We believe in showing our true selves to our customers, so we strive to maintain transparency in everything we do. That’s why we show comparisons of our coverages and prices side-by-side to our competitors.
We also believe that covering a claim that occurs during a policy term is the right thing to do. Period. It doesn’t matter if that claim happens 10 years after a policy term ends, doing the right thing is providing the coverage our customers paid for, for the time the policy was in effect. We want you to have peace and to be informed when you choose a beYogi insurance policy so we have built some of the most robust coverages available on the market, by yogis, for yogis.
At beYogi, absolutely not. We build in occurrence forms right into our comprehensive yoga insurance policies. Along with a host of additional beYogi member benefits, like exclusive teachers-only content, discounts on the latest gear and accessories, and a free professional website, occurrence form coverage is our way of showing the value we see in you and your practice. We want you to be successful in bringing your unique healing art to your community so we offer the best coverage possible and support you personally, as well as, your business.
All coverage options have been especially designed for yoga instructors and yoga student teachers. Now, and in the future, focus on leading others in their own yoga journeys, not the what-if’s of a future claim.
Theoretically, forever. We’ll cover any claims that are filed against you that are covered by the terms of your beYogi yoga insurance policy, even after expiration, as long as the claim incident occurred during your policy term. For 350 different modalities and counting, we’ve got you covered now and in the future.
There are definitely pros and cons associated with each form policy. beYogi only offers occurrence form policies after spending years in the yoga and healing arts insurance business and actively listening to fellow yogis. The most advantageous part of an occurrence form policy is the idea that, even if you let your policy lapse and have no insurance coverage at the time a claim is made, if that claim occurred during the term when you were covered with beYogi, you get to maintain your relaxed lotus pose knowing you’re absolutely covered.
Claims-made forms can prove beneficial if you were worried about an insurer not being around in the future to pay on an old claim. With beYogi’s solid financial backing, excellent track record with our customers, and commitment to providing the best coverage at the best rates, you don’t have to worry about us going anywhere. Contact our knowledgeable yoga insurance specialists today to learn more.
If you’ve decided to buy a policy that utilizes a claims-made form, you need to be especially mindful of what occurs after the policy expires. Most insurers that offer claims-made forms require an additional endorsement called an extended reporting period (ERP) to be purchased if you’re choosing not to renew your policy but still want a “window” of coverage. However, buying this ERP or “tail” coverage can be very costly, sometimes as much as 200% of the original term cost.
It’s important to note that claims made after a claims-made policy ends will usually only be honored if they were made before term or the additionally-purchased an ERP ends. Still not sure which route to take? Contact a beYogi insurance pro today to talk over your options and see what would be best for your personal yoga journey.
All types of claims falling under your beYogi yoga insurance policy would be covered using an occurrence form coverage option. Years down the road, a claim for a slip and fall case occurring under your general liability coverage, or an overstretched student filing against your professional liability provisions, or even the facility owner of a rented studio filing for past damages, have confidence knowing beYogi still has you completely covered. You’ve already paid to be covered for a specific period of time, why should it matter if a claim is filed years down the road for an incident that occurred while you were covered?
BeYogi knows yoga and healing arts therapy treatments have different effects on people and even the most careful instructor, giving their utmost attention to a student, can still have an accident occur during a session. Contact a beYogi insurance specialist when you want to be covered no matter what, by insurance coverage that's made especially for yoga practitioners.
Claims-made: you purchased a one-year yoga insurance policy which expired on December 31st. Six months into the new year and well after your policy expired, a former student files a claim for an injury they sustained under your supervision. Unless you have an ERP in place, most likely this claim will not be covered by the insurer you used to have coverage with even though the event took place during your insurance term.
Occurrence form: you purchased a two-year beYogi yoga insurance plan, saving yourself hundreds, and it has just expired. A few years down the road, you’ve followed your journey to different locales and have mastered even more yoga modalities. Unfortunately, a former student makes a claim that your practice left them injured even though these injuries took years to fully manifest. With a beYogi yoga insurance policy, you have the same coverage in the future as you did when you had a policy in effect with us. As long as the claim is being made for a time during your term period, be confident knowing you’ll have continued coverage for years to come.
Date of loss generally means when an injury or loss incident occurs that then gives rise to a claim being filed. With occurrence form coverage from beYogi insurance plus, in order for a claim to be covered, it simply has to have happened during the term of your policy. For example, for a one-year policy running from January to December, any claim incident that occurs during these twelve months is covered under the terms of your beYogi yoga insurance policy. No matter if the claim is filed during your policy term or years down the road, beYogi makes sure you and your practice are covered.
Conversely, for a claims-made form policy, your claim is usually denied if a claim is made against you after your policy has expired, leaving you liable for having to pay out on a potentially expensive claim even though it occurred during a time when your policy was active. At beYogi, we believe in transparency and don’t believe we should deny a claim for a period you were already covered. It’s just our way of investing in your continued success. Namaste.