Understanding Tail Insurance
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All physicians know that one malpractice lawsuit could prove professionally and financially ruinous. That’s why malpractice insurance isn’t just a recommendation. In many cases, employers and local law force providers to carry coverage.
Among the most popular types of malpractice coverage is claims-made insurance. Though broad, this coverage can have limitations that might leave physicians vulnerable if a suit occurs at the wrong time. To shore up risks, it’s a wise investment for most providers with claims-based coverage to also invest in tail insurance.
What to do After Claims-Made Coverage Ends
Claims-made malpractice policies last for a set term, usually around a year. Once that term ends, the policyholder may choose to renew the policy or switch their coverage or insurance provider.
If the policyholder renews their policy, it essentially continues to cover them as long as they have active coverage. This is important because there’s always a chance that someone could make a claim regarding a medical incident that occurred in the past.
Let’s say a patient claims that you committed malpractice two years previously. If the alleged injury occurred while you still have the same claims-made insurance, the policy usually covers the event. You’ll have protection if no exclusions existed on the claim.
However, what if you want to cancel a claims-made policy? You might want to switch providers or make other policy changes? When you do, that means your previous coverage might no longer protect you. This could leave you vulnerable to not having coverage for retroactive claims. That’s why you should contact us to ask about tail insurance.
Closing Gaps in your Coverage
Tail coverage extends protection to retroactive claims ordinarily covered by claims-made protection. You can continue to report claims even after you cancel a previous policy. Therefore, you’ll remain insured against mishaps that might have occurred previously, even if you don’t have your old claims-made protection.
You must act quickly when changing claims-made policies. In fact, you often have a limited time after cancelling claims-made coverage to qualify for tail protection. Don’t let yourself go without coverage. Contact one of the Joseph A. Britton Agency’s team members today at 800.462.3401 or request a policy quote online right now. We can help you determine if and how much tail insurance should be a part of your professional liability package.
Remember that no two insurance contracts are the same. Contact a Britton Agent to ensure that you do not incur a catastrophic gap in your medical malpractice coverage.