Typically, they will define a per claim limit as the most that they will pay for all claims arising out of the same act, error, or omission. (lawyerist.com)
Claims made insurance pays for claims made during the policy period, more or less without regard to when the act occurred. (effectivecoverage.com)
There are two ways of looking at losses: by the average number of claims filed per 100 policies (frequency) and by the average amount paid for each claim (severity). (iii.org)