Limits are Very Different
This example covers a period of 6 policy years. The total “per occurrence” limit is the same ($1,000,000) for the occurrence and the claims made form. The different is the aggregate. Since the active claims made policy covers the entire 5 year period (assuming the retro-date on the claims made policy was the same as the effective date of policy year 1 occurrence policy), the total aggregate available on the claims made policy is $3,000,000 and $18,000,000 for the occurrence policy form. This is limited to $3,000,000 and $18,000,000 for the occurrence policy form. This is limited to 1M/3M per policy period. If you had 1 maximum claim ($1,000,000) in each of the policy years, ($6,000,000) you would have adequate limits under the occurrence forms, but would only have $3,000,000 total coverage under the claims made form.