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Insurance pool representative outlines coverage options, retro coverage and costs to council
Summary
A South Dakota Public Assurance Insurance Pool representative briefed the council on occurrence vs. claims-made coverage, retroactive coverage options, deductible structure and example cost quotes (e.g., $156,689 for $4M occurrence; two-year retro option ~$54,108). Council asked follow-up questions about statutes of limitation and comparisons with,
A representative of the South Dakota Public Assurance Insurance Pool presented coverage options and pricing to the Beresford City Council, explaining the difference between occurrence-based and claims-made policies, and outlining retroactive coverage and extended-reporting alternatives.
The presenter said occurrence coverage responds to losses that happen while the policy is in force; claims-made coverage…
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