Insurance policies come in two basic types with respect to claim/liability timing, “claims-made,” and “occurrence” (also known as “claims arising”) policies. A claims-made policy will indemnify the insured, within the policy limits, for claims made against the insured during the policy period. Claims made after the policy has expired are not covered, even if the events or actions giving rise to the insured’s liability occurred during the policy period. A claims-made policy has the benefit to the insurer of limiting its liability for the future. See Occurrence Policy.