Types of Medical Malpractice Insurance For Doctors

If you are a doctor or physician in need of medical malpractice insurance, it's important to be aware of your options and know the different types of insurance that is available to you.  It's vital to your career to be covered in case the unexpected happens.  

There are several types of insurance that you can purchase directly from an insurance carrier or an insurance brokerage that specializes in malpractice insurance:

Claims-Made Coverage - This type of medical malpractice insurance covers incidents that happen while the policy is active.  A claim has to be filed while the policy is active or the incident will not be covered.  If a doctor decides to cancel his/her policy or switches insurance carriers, the policy will not cover any future claims - even if the incident occurred during the policy period.  Generally speaking, a claim consists of a written demand, but may also include a written or verbal announcements of a claim.

Prior Acts - This is also known as "nose" coverage; A type of supplemental coverage that covers any claims that may arise when your claims-made policy is canceled or non-renewed.

Tail Coverage - This type of supplemental coverage is available when your claims-made policy is canceled or non-renewed. Tail coverage continues insurance protection under your claims-made policy for claims that may come up in the future, but happened while your policy was still active.

Occurrence Coverage - This type of medical malpractice insurance offers permanent coverage for incidents that occur during the policy period, even if they are reported after the policy expires or is canceled.  Occurrence coverage is generally more expensive than the other types of insurance because it is hard to determine future liability or claims.