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Malpractice Insurance

 

Malpractice insurance covers suits which allege professional misconduct or negligence during the course of professional duties. Malpractice insurance covers occupations such as lawyers, physicians, dentists, hospitals, nurses, and other similar types of professions.  While coverage tends to be somewhat similar between carriers offering coverage each has its own particular nuance and an insured should have their agent explain the coverage in detail. Some common questions about coverage surround the two types of policies offered which are claims made and occurrence.


What is an Occurrence policy?

An occurrence policy protects an insured from a claim which occurs during the policy period regardless of when it is filed.

 

What is a claims-made policy?

  A claims-made policy covers the insured for any claim which is made during the policy and which occurs after the retroactive date listed on the policy.

 

What is a retroactive date?

The retroactive date is the date of your first claims-made policy. This date carries forward with each successive claims-made policy as long as continuous coverage has been in place.

 

What is tail coverage?

A tail endorsement, also known as an Extended Reporting Endorsement, is purchased if you are no longer going to continue malpractice coverage under a claims-made form. If you leave practice, retire, or switch from a claims made policy to an occurrence policy you must purchase a tail to cover the years you were insured under the claims-made policy. The tail is an endorsement to your last claims-made policy which extends the reporting period for claims after the policy has expired.

 

Can I move from a claims-made policy to an occurrence policy?

You are able to move from a claims-made policy to an occurrence policy as long as you purchase tail coverage from either the claims-made carrier or the new carrier offering the occurrence coverage.

Can I move from one claims-made carrier to another?

You are able to move from one claims-made carrier to another. In most cases, the new carrier will be able to match the retroactive date from your previous carrier.

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