ECONOMICS

Detailed explanation-1: -Prior acts ("nose") coverage covers claims that arise from injury or damage occurring before the policy period, but reported to the insurer after the policy period begins.

Detailed explanation-2: -Liability Coverage is for accidents that are your fault. Bodily injury liability pays for bodily injury you cause someone else. Property damage liability pays for property damage you cause someone else.

Detailed explanation-3: -Property damage liability This coverage pays for damage you (or someone driving the car with your permission) may cause to someone else’s property. Usually, this means damage to someone else’s car, but it also includes damage to lamp posts, telephone poles, fences, buildings or other structures your car hit.

Detailed explanation-4: -Occurrence policies cover claims in which the injury or damage occurred during your policy period, if even the claim is made after your policy ends. Claims-made policies require claims to be made while your policy is in effect, not after it ends.