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claims arising from underlying policies
commencing during the period to which the
reinsurance relates. The ceding insurer knows
there is coverage for the whole policy period as
and when each of his policies is issued.

All claims from the ceding insurer's underlying
policies incepting during the period of the
reinsurance contract are covered even if they
occur after the expiration date of the treaty
agreement. Any claim from the underlying
policies incepting outside the period of the
reinsurance treaty is not covered even if it
occurs during the period of the reinsurance
treaty.

Loss-occurring basis
A basis under which all claims occurring during
the period of the treaty, irrespective of when the
underlying policies incepted, are covered. Any
claim occurring after the expiration date of treaty
is not covered.

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