Final answer:
The covered claim under the store's Commercial General Liability policy is the one where the loss occurred on 3/1/2019 and the claim was made on 2/1/2021, meeting the policy criteria.
Step-by-step explanation:
A retail store with a Commercial General Liability policy written on the Claims-Made Form will only cover claims if:
- The loss occurred on or after the retroactive date of the policy.
- The claim was made during the policy period or any extended reporting period.
Given the details of the policy period from 1/1/2020 to 1/1/2021, with a retroactive date of 1/1/2015, and a basic extended reporting period, we can analyze the provided scenarios:
- The loss occurred on 1/1/2010, and the claim was made 1/1/2012 - This would not be covered as the loss pre-dates the retroactive date.
- The loss occurred on 3/1/2019, and the claim was made 2/1/2021 - This would be covered because the loss occurred after the retroactive date and the claim was made shortly after the policy period, presuming it's within the extended reporting period.
- The loss occurred on 2/1/2021, and the claim was made 6/1/2022 - This would not be covered because the claim was made after the policy period and likely beyond the extended reporting period.
- The loss occurred on 2/1/2014, and the claim was made 2/1/2016 - This would not be covered because the loss occurred before the retroactive date.
Therefore, the claim that would be covered by the store's policy is the one where the loss occurred on 3/1/2019 and the claim was made on 2/1/2021 (Option B).