It’s important to be aware that not all medical malpractice insurance policies are the same. If you are a doctor trying to decide what type of policy to purchase, you’ll want to know what options are available for your specific case so that you can make an informed decision.
Medical malpractice insurance for doctors generally falls into four main types of coverage where claims-made coverage being the most common type of policy:
- Claims-Made Coverage. This type of policy covers claims that occur while the policy is still active. A malpractice claim has to be submitted while the policy is active; otherwise it will not be covered. If you decide to cancel the policy or switch insurance companies, the policy will not protect you from any future claims – even if the incident happened while the policy was active. This is where Tail Coverage can come into effect. When purchasing a claims-made physician malpractice insurance, make sure you have the option of purchasing tail coverage along with it. Also, find out how long the tail coverage will be available as some companies provide it for only a fixed amount of time.
- Tail Coverage. This is a type of supplemental coverage that offers protection if you decide to cancel a claims-made policy. Tail coverage provides continuous coverage under the claims-made policy for medical malpractice claims that may arise in the future, but occurred when the policy was still active.
- Prior Acts. Also referred to as “nose” coverage; this type of supplemental policy is purchased from your new insurance provider and covers any claims that may arise when your claims-made policy is cancelled or non-renewed.
- Occurrence Coverage. This type of malpractice insurance for doctors covers you forever for claims that are filed during or after the policy period, even if the claims are reported after the policy expires or is canceled. Occurrence coverage is usually more costly than the other types of policies because it is hard to determine future liability or claims.
Need more help figuring out which type of medical malpractice insurance is right for your situation? At Nexus Insurance Services we can help and guide you through choosing a policy as well as save your time by shopping for insurance on your behalf.
Contact us now to see if you are eligible for any discounts on medical malpractice insurance for doctors.