What is a claims made policy?
A type of policy in which coverage is limited to liability only for those claims that arise from incidents or events that both happen and are reported to the insurance company while the policy is in force.
Claims-made coverage is triggered when the claim is made. For example, if a claim is made in 2013, based upon treatment rendered in 2011, the 2013 claims-made policy responds, as long as the healthcare incident occurred after the policy’s retroactive date. (The policy’s retroactive date is the date after which treatment must occur to trigger coverage.)
What is an occurrence policy?
A type of policy in which the insured is covered for any incident that occurs (or occurred) while the policy is (or was) in force, regardless of when the incident is reported or when it becomes a claim. Occurrence insurance for medical liability coverage is rarely offered today by competitors because of the difficulty in projecting long-term claims costs under this type of policy.
Occurrence coverage is triggered the moment treatment occurs, regardless of when an eventual claim is made. For example, if a claim is made today based on treatment rendered in 2011, the 2011 occurrence policy responds.
Is the financial strength of carrier important?
Know the financial strength of your carrier. The financial strength of your carrier can be measured in a number of ways: from analyzing the carrier’s balance sheet strength, operating performance and business profile. Comparisons to peer and industry standards as well as assessments of a carrier’s operating plans, philosophy and management are also factors to consider. A number of independent companies issue opinions and ratings on the financial strength of insurance organizations.
You should remain aware of your carrier’s financial strength because financial stability is an indicator of your carrier’s ability to meet its obligations to policyholders, such as yourself. If you are interested in learning about the resources available to you for obtaining information on your carrier’s financial strength, contact your professional liability specialist.
What does retroactive date mean?
It is the first effective date of a claims-made policy.
What is a tail?
Tail Coverage (Extended Reporting Coverage) is coverage that protects the physicians against all claims arising from professional services performed while the claims-made policy was in effect but reported after termination of the policy. Some insurers offer this feature free of charge for retiring doctors who meet certain requirements.
What is a “consent to settle” clause?
A policy provision that requires an insured’s consent before the insurer is allowed to settle a claim. Since a settlement can affect the reputation and earning ability of the insured, this type of clause is an important consideration in selecting a policy. For more information, go to http://www.medpro.com/web/gbcugdwn
What limits do I need?
Normally, your state’s department of insurance requires certain limits of liability. Call (800-637-7543) or e-mail (email@example.com) to reach a medical malpractice insurance expert to find out what limits are required in your state.
Can I get higher limits?
Higher limits may be available. Call (800-637-7543) or e-mail (firstname.lastname@example.org) to reach a medical malpractice insurance expert for rates for higher limits.
Do you offer corporate coverage?
Yes, corporate coverage is available. Call (800-637-7543) or e-mail (email@example.com) to reach a medical malpractice insurance expert to find out more about corporate coverage.
Do you offer a part time policy?
Yes, part-time coverage is available. Call (800-637-7543) or e-mail (firstname.lastname@example.org) to find out a rate for your part-time policy.
Does the carrier offer claim-free credits?
Claim-free credits are available. Call (800-637-7543) or e-mail (email@example.com) to reach a medical malpractice insurance expert.
Do you offer payment plans?
Payment options are available. Call (800-637-7543) or e-mail (firstname.lastname@example.org) to reach a medical malpractice insurance expert to find out what financing options are available to you.
Does the carrier offer robust risk management solutions?
Yes. Please go to http://www.medpro.com/dynamic-risk-tools to learn more about carrier’s risk management capabilities.