Medmal tail insurance, also known as "extended reporting period" or "claims-made tail" coverage, provides coverage for claims made after a physician's primary medical malpractice insurance policy has ended. Most medical malpractice insurance policies are "claims-made" policies, meaning they only provide coverage for incidents that occur while the policy is in effect and for claims made while the policy is in effect. Once a physician cancels or non-renews a claims-made policy, they are no longer covered for incidents that occurred while they had the policy, even if the claim is made later. Medmal tail insurance is designed to address this gap in coverage by providing coverage for claims made after the primary policy has ended. This type of insurance typically requires a separate premium. Depending on the insurance company, it can be purchased for a specific period, such as 1,3, or 5 years after the primary policy has ended.
This type of insurance can be significant for physicians nearing retirement, as it protects them against claims that may be made after they have stopped practicing medicine. Here are some examples of Medical Malpractice Tail Insurance:
Retirement Tail Coverage
Resignation Tail Coverage
Lifetime Tail Coverage
Conversion Tail Coverage
Extended Reporting Period (ERP) Coverage
The above-mentioned coverages can offer peace of mind to retiring physicians and help them protect their assets and reputation. Get in touch with us right away to have one of SelectFirst Insurance experts evaluate the coverage of your current medmal insurance plan and go through the alternative cost-saving choices in your region.