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1. Are all medical
practice policies essentially the same? No, there can be significant differences in coverage i.e. coverage availability for ancillary personnel, sexual misconduct, defense for investigations by the agency for Health Care Administration, etc. 2. What's the difference between occurrence and claims-made coverage? Occurrence policies cover claims on the basis of when they are incurred, regardless of when they are reported. For example, an occurrence policy written for 1997 covers only claims arising out of incidents which occur in 1997 irrespective of when the claim is actually brought. Claims-made policies cover claims on the basis of when they are reported. For example, a claim that is incurred in 1997 but is not reported until 1999 will be covered under the claims-made policy issued for 1999 (assuming the policy is continuously in.force from 1997 on). 3. What is a reporting endorsement or "tail" coverage? This coverage, if purchased or obtained at no charge for death or disability or retirement permits you to continue reporting claims for the years you were insured. Let's say you had claims-made coverage in force in 1996, but canceled it in 1997. In 1998, a claim is made against you for an incident that occurred in 1996. You will be protected for this claim by your past policy only if tail was obtained. 4. What information does a malpractice insurance company report to the National Practitioner Data Bank? Each entity that makes a payment on behalf of a physician, dentist or other health practitioner in settlement of, or in satisfaction in whole or in part of a claim or judgment against that practitioner, must report the payment to the Data Bank. Medical malpractice payments are limited to exchanges of money and must be the result of a written complaint or claim demanding monetary payment for damages. 5. Are there advantages to insuring with a national company as opposed to a company that operates only in predominately one state? Definitely, since it allows a policy to be continued in other states without the physician having to purchase tail coverage. In addition, national companies tend to have a better spread of risk since they also write business in other states that have less claim frequency & severity. 6. What is prior acts coverage? Provides coverage for claims which arose from the prior acts of the policyholder while insured with the previous claims-made carrier and eliminates the need to purchase a reporting endorsement upon cancellation of claims-made coverage with another company. |
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