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How long does it take to get a quote?
This will vary from company to company. Usually, it will only take a week or two. However, response times vary at certain times of the year due to carrier volume. The more time we have to secure a timely quote, the better.
What happens if I change companies and I have a pending claim with my current carrier?
Your current carrier would be responsible for that reported claim. It is in their best interest to pay out as little as possible. Therefore, they will defend the claim just as tenaciously as they would have if you stayed insured with them.
Does it look bad if I keep changing insurance companies?
No. In this marketplace, companies are aware of the skyrocketing premiums and they will know that you are just trying to manage your escalating costs.
What is Occurrence Coverage?
Occurrence coverage provides coverage for claims arising out of treatment rendered during the policy period. Occurrence coverage forms for malpractice are not available in all states. In those states where they are available, physicians may prefer the occurrence option as no "tail" or extended reporting endorsement feature is associated with the form. However, due to the fact that malpractice claims are typically brought a year or more (sometimes several years) after treatment provided, it is important to maintain all records of expired malpractice occurrence policies so that coverage can be confirmed in the event that a claim is made.
How does a claims made policy work?
Claims made policies provide coverage for claims which are reported to the insurer while the policy is in force. The policy covers professional services rendered on or after either (1) the policy inception or (2) an earlier retroactive date. The retroactive date is a date mutually agreed upon by the company and the insured and it is listed on the declarations page of the policy.
What is a retroactive date?
The retroactive date is usually the first date of uninterrupted claims made coverage with any carrier. The retroactive date on your policy means that the company will cover any reported claims/incidents which occur between the retroactive date through the effective date of the policy. The retroactive date can be found on the declarations page.
What is an Extended Reporting Period Endorsement (Tail Coverage)?
This is a part of a claims made policy which provides coverage for claims brought against a physician when they (a) retire or cease to practice medicine or (b) change malpractice insurance companies and do not receive “prior acts” coverage from their new insurance company.
What is Prior Acts Coverage (Nose Coverage)?
Allows a physician to change insurance companies (claims made to claims made) without having to purchase a “tail” by listing the same retroactive date that is on your present policy.
Do I need to purchase tail coverage if I change companies?
Not usually. Most insurance companies will provide prior acts coverage so that you are not required to purchase an expensive tail from your current company.
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