Whether it’s a change in employment, a move to a new state, or the sale of your practice, almost every doctor will someday need to evaluate malpractice insurance options. When these times are upon you, you may feel overwhelmed with making decisions in a time crunch. You still have patients to care for, a life outside of medicine, and now you need to solve your malpractice insurance problem. Fortunately, you are not alone. Read on…
The information on your policy declarations page and certificate of insurance are the factors that determine who coverage is provided to, how much coverage is allotted and how far back it will extend into your prior acts period. You will see various sections on your certificate of insurance (COI) including: Producer (your agent), Insurer (insurance company providing coverage), Insured (you), Type of coverage (professional liability should be marked at the bottom), and description of coverage…
Over the last several years, the need for tail malpractice insurance options has increased dramatically. Even now, many physicians are unaware of how tail for your malpractice insurance policy works. By obtaining tail coverage or sometimes called an extended reporting endorsement, you are able to report claims to the insurance carrier even after the underlying policy has been cancelled. However, tail can be very expensive – usually twice your expiring premium with the incumbent carrier. …
Purchasing a tail insurance policy can prove to be a burden to healthcare providers when retiring, changing employers or under other circumstances which might require the termination of a claims-made policy. Gone are the days when the only options were to “go bare” or purchase tail insurance for the significant premium offered by the incumbent carrier. Diederich Healthcare equips physicians with multiple options for standalone tail insurance policies. Extended reporting period (better known as “tail”)…
As professional liability agents, one question we often are asked is, “how can I reduce my premium?” Although this question might appear simple, premiums are directly correlated to multiple factors, including practice profiles, policy types and features, physician background, and even market conditions. Diederich Healthcare employs a highly skilled staff that is able to navigate the market, armed with the practice profile, in order to provide physicians and their staff with tailored, cost-effective solutions regarding…
Claims-made policies are the most common type of policy issued today. These policies allow insurance companies to issue more accurate rates, usually at a lower cost to the physician, based on the amount of exposure the insurer is covering. At one point, occurrence policies were the norm. However, as malpractice claims dramatically increased, insurance companies had a difficult time trying to predict how much to collect in premium to cover future payouts. That poses two…
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