TAIL INSURANCE

Описание: Today we are going to talk a little more about Tail Insurance for Physicians.
A majority of physicians carry a claims-made policy for their medical malpractice coverage.

With every claims-made policy comes a retro active date. Once a physician is assigned a retroactive date he or she will not want to change that date as they renew their coverage year after year. By keeping the retroactive date the same, physicians are able to transfer their coverage to a different insurance company for the purpose of lowering their rate or modifying an aspect of their coverage.

When a claims-made policy is cancelled the physician is required to secure an extended reporting period endorsement otherwise known as tail coverage.

Tail coverage covers a physician for a time period between the retroactive date and the cancellation date.

The most common and greatest level of protection is an indefinite tail. However several carriers do offer 1,2,3 and 5 year tail options. For example a 5 year tail would allow the physician to turn in an incident that occurred between the retroactive and cancellation date up to 5 years after cancelling the policy.

Unfortunately, many physicians now know that tail insurance can be very expensive. The most common tail factor is 200% of the expiring premium.
As an insurance agency that specializes in Malpractice insurance we have access to all of the major insurance carriers that provide stand alone tail coverage. By getting a quote from all of these carriers we can ensure that our clients are getting the most cost effect and quality tail coverage possible.
Typically this results in a 15 to 30% cost savings compared to the incumbent carrier.
If you are in need of tail coverage there are only 3 documents needed to start the process.
Current proof of coverage to make sure we match the retroactive date and limits.
CV
Medical license
As always, it's been a pleasure. Please feel free to contact me directly anytime at 813-590-9705 or visit pliconsutlants.com for more information.