Part II The Bermuda Form in Detail, 6 The Occurrence First Reported Trigger

Subject(s):

Contracts and insurance

This chapter first compares Bermuda Form policies to other policies such as occurrence-based policies and claims made policies. It then turns to the Bermuda Form policy's ‘occurrence first reported’ regime. Under this policy, the policyholder has sole control and responsibility for linking the occurrence to the relevant policy, via its affirmative act of giving notice of the subject occurrence to the insurer. In order to determine coverage for an occurrence, one looks solely to the policy as it exists as at the time notice of that occurrence (as defined) is given to the insurer. Importantly, that does not necessarily mean that coverage is determined according to the policy as it existed at the beginning of the relevant policy period.