What does a discovery form in insurance refer to?

A discovery form in insurance specifically refers to coverage for claims that are discovered during a predetermined period, regardless of when the actual incident giving rise to the claim occurred. This concept is significant in various types of insurance, particularly in professional liability and errors and omissions insurance, where claims may arise long after the service was rendered.

This type of coverage is particularly crucial as it allows policyholders to report claims that they become aware of during the policy period, even if the events leading to the claims happened earlier. It ensures that insured parties are protected from claims that come to light after the incident, emphasizing the importance of timing in reporting and discovering claims.

The other options outline different insurance concepts but do not accurately describe what a discovery form encompasses. For example, a policy determining asset values relates to loss valuation rather than discovery of claims, and tracking reported claims does not encompass the broader concept of discovered claims linked to specific periods. Similarly, coverage that begins on the renewal date refers to a specific timing of the insurance policy period and does not touch upon claim discovery.