Whether or not you need to buy tail depends on your situation – contact a MEDPLI Insurance Broker if you have any doubts after reading this. With claims-made insurance, you need to ensure you have prior acts coverage on the new policy or you will need tail. If you are considering changing carriers, you need [...]
MEDPLI provides medical professional liability insurance solutions to doctors and healthcare entities across the United States. To inquire about your unique situation, contact info@medpli.com and tell us about you and the problem you need to solve. Even if we can’t help you, we may have resources that can help. We are all in this together!
Tail insurance allows the insured to report claims that are not yet made while the claims-made policy is in force (since claims-made responds when the claim is made as opposed to when the incident occurs). Tail is the mechanism that allows you to report claims to your insurance company after your claims-made policy expires. When your [...]
Claims-made insurance policies respond to claims based on when the claim is first made alleging malpractice. Claims-made is the most common form of medical professional liability insurance policy in the USA. It is different than occurrence form coverage. Occurrence form, in contrast, responds to claims based on when the incident occurs. Example to illustrate the [...]
Tail insurance generally costs 200% of the expiring claims-made premium. If you are paying $40,000 per year, the tail insurance would cost around $80,000. This is a general rule of thumb, which could be different depending on your unique situation. To get your tail insurance estimate, contact your MEDPLI Insurance Broker.
You are not alone. Remember that contract you signed with the hospital or group? Did it specify who would pay for the tail coverage when you part ways? Is it their bill to pay? Yours? Split it 50-50%? If you are responsible for paying the bill, you can decide where to buy your tail. MEDPLI [...]
“Within the scope of your employment” is an important phrase to remember when considering new practice opportunities. If your employer has provided you with malpractice insurance, it is only good for claims arising within the scope of your employment. If you provide medical services outside of your employment, you will need a separate policy. MEDPLI [...]
Your limits of liability are the maximum amount your carrier will pay out under your policy. Most doctors carry $1,000,000 per claim/$3,000,000 aggregate limits for professional liability. This means the most the carrier will pay is $1,000,000 per claim, not more than $3,000,000 in total.
In many cases, you will have payment options including quarterly or monthly, and often will have the option to set up automatic recurring payments.
Your retroactive date is a critical component of your claims-made policy. It stays the same as long as you renew your coverage, so even though your effective and expiration dates change each year, your retroactive date should remain the same. Your retroactive date is the earliest date you are covered under your claims-made policy. For [...]