What is my retroactive date?

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 example, let’s say your retroactive date is 7/1/2014. Your policy will not respond to claims when the incident occurred before 7/1/2014. If that occurred after 7/1/14, which are reported during the policy period. If you did a procedure on a patient prior to your retroactive date, and were later sued, your policy would not cover it. See “The importance of your retroactive date” article.

How can I tell if my current policy is claims-made or occurrence?

If you have a retroactive date, you have claims-made. If you do not have a retroactive date, you have occurrence. Claims-made policies are more common in the US medical professional liability insurance industry.

Do I need to wait until my current medical malpractice insurance policy expires before I switch insurance companies?

You don’t have to wait. In most cases, you can start the new policy while your old policy is still in effect, then cancel the old policy for a refund after the new policy is in place. Your effective date will change, but your retroactive date remains the same, ensuring no gaps in coverage. It’s recommended that a MEDPLI Insurance Broker assist you when you are considering switching companies. See “switching carriers mid-term.”

How much is medical malpractice insurance?

The premium you pay for malpractice insurance depends on many factors including specialty, practice location, claims experience, and others. The higher the risk, the higher the premium. In order to get the best terms and pricing for your needs, you should work with an independent broker with access to multiple carriers. MEDPLI can shop the market for you. Click Here to get started.

What is medical malpractice insurance?

Medical malpractice insurance provides asset protection to doctors in the event they are sued for professional negligence (errors or omissions). Another term used for this type of coverage is Medical Professional Liability Insurance, the inspiration for the MEDPLI name. What is medical malpractice insurance?

FAQs Archive | Page 2 of 2 | MEDPLI Professional Liability Insurance

What is my retroactive date?
Marcie Lord|March 19th, 2021|
Your retroactive date is a critical component of your claims-made [...]
Read More
How can I tell if my current policy is claims-made or occurrence?
Marcie Lord|March 19th, 2021|
If you have a retroactive date, you have claims-made. If [...]
Read More
Do I need to wait until my current medical malpractice insurance policy expires before I switch insurance companies?
Marcie Lord|March 19th, 2021|
You don’t have to wait. In most cases, you can [...]
Read More
How much is medical malpractice insurance?
Marcie Lord|March 19th, 2021|
The premium you pay for malpractice insurance depends on many [...]
Read More
What is medical malpractice insurance?
Marcie Lord|March 19th, 2021|
Medical malpractice insurance provides asset protection to doctors in the [...]
Read More

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