No matter whether a doctor is new to his practice or whether he has years of practice, he is always at the risk of being sued for any errors or omissions in his practice. When you opt for medical malpractice insurance, your finances will be protected as a doctor. However, while selecting a medical malpractice insurance policy, you can come across different types of policies. So, how can you select the right medical malpractice insurance for you?
Before going in for a medical malpractice insurance policy, make sure that you know what benefits and what limitations each of these types of medical malpractice insurance policies have in detail. Know the different types of medical malpractice insurance policies thoroughly before going in for one.
Claims Made Policy
Claims made policies cover the alleged malpractices that took place and were reported to the insurance provider during the policy period. As compared to the other types of policies, claim made policies offer a relatively low premium for a few years, since there is often a huge gap between the time of the claim and the time at which the person making the claim was injured.
Claims made policy premiums are made to increase every year until an approximately mature risk is reached. Despite its disadvantages, medical malpractice insurance from Gallagher has its own advantages. The premiums offered by the claim made policies are based on the actual past as well as the current experience of the doctor. This means it would take at least five to seven years for a physician. What’s more, physicians can limit their claim liability with this kind of policy, when necessary.
Tail Coverage Policy
The premiums for the tail coverage Florida medical malpractice insurance policy are based on a doctor’s experience, limits of liability, territory, and the length of the continuous claims made. The only disadvantage of the tail coverage policy is that it gets more expensive, the further back in time it must provide coverage, since the liability on the insurer is higher.
Prior Acts Coverage Policy
Unlike a tail coverage policy, a prior acts coverage policy is purchased through a new insurer. A prior acts policy provides similar protection as a reporting endorsement policy.
Occurrence Coverage Policy
An occurrence policy provides coverage for the incidents that take place during the policy period. Premiums in this kind of policy are paid not based solely on current incidents, but also based on the future incidents that the doctor would have to face.
The rates of occurrence insurance can vary significantly from one insurance company to another, since it is difficult to project any future expenses. Under an occurrence policy, the limits of liability are those in effect when the alleged medical malpractice incident took place.
Claims Paid Coverage Policy
The claims paid coverage policy is usually used by trusts. Claims under this policy are settled using the claims settled during the previous year, while they are projected for the current year. A claim under this policy is not usually recognized until a formal “Summons and Complaint” is received by the insurer.
Make sure you carefully select your medical malpractice insurance from Gallagher or Florida medical malpractice insurance after comparing the different types of insurance policies.