Coverage Options by State
| PENNSYLVANIA | DELAWARE | NEW JERSEY | MARYLAND |
Claims Made
Claims made policies state the incident that gives rise to a claim must occur and be reported during the policy period. This means determination of coverage is triggered by the date the physician first becomes aware of and notifies the insurer of a potential claim. The insurer’s policy in force when the claim is reported is the policy that responds to the claim. If a claims made policy is cancelled or non-renewed for any reason, the insured is provided the option to purchase an extended reporting period also known as “tail” coverage. An alternative to purchasing “tail” coverage is obtaining “prior acts” coverage from the insurer to which coverage is being transferred. To be sure this coverage is provided, the policy must show the insured’s retroactive date of the first claims made policy. Either of these coverages will ensure no gaps in coverage.
Occurrence
Occurrence policies state the incident must occur during the policy period. This means determination of coverage is triggered solely by the date the incident that gave rise to the claim occurred. The insurer’s policy in force on that date is the policy that will respond to the claim, even if the physician has moved coverage to another insurer.
Policy Limits: $500,000 primary/$1,500,000 aggregate
Excess Policy Limits: Please contact an underwriter
Claims Made
Claims made policies state the incident that gives rise to a claim must occur and be reported during the policy period. This means determination of coverage is triggered by the date the physician first becomes aware of and notifies the insurer of a potential claim. The insurer’s policy in force when the claim is reported is the policy that responds to the claim. If a claims made policy is cancelled or non-renewed for any reason, the insured is provided the option to purchase an extended reporting period also known as “tail” coverage. An alternative to purchasing “tail” coverage is obtaining “prior acts” coverage from the insurer to which coverage is being transferred. To be sure this coverage is provided, the policy must show the insured’s retroactive date of the first claims made policy. Either of these coverages will ensure no gaps in coverage.
Policy Limits: $1,000,000 primary/$3,000,000 aggregate
Excess Policy Limits: Please contact an underwriter
Claims Made
Claims made policies state the incident that gives rise to a claim must occur and be reported during the policy period. This means determination of coverage is triggered by the date the physician first becomes aware of and notifies the insurer of a potential claim. The insurer’s policy in force when the claim is reported is the policy that responds to the claim. If a claims made policy is cancelled or non-renewed for any reason, the insured is provided the option to purchase an extended reporting period also known as “tail” coverage. An alternative to purchasing “tail” coverage is obtaining “prior acts” coverage from the insurer to which coverage is being transferred. To be sure this coverage is provided, the policy must show the insured’s retroactive date of the first claims made policy. Either of these coverages will ensure no gaps in coverage.
Claims Made Plus
Claims made plus policies are claims made policies that include extended reporting period or “tail” coverage. This type of policy states the incident that gives rise to a claim must occur and be reported during the policy period. This means determination of coverage is triggered by the date the physician first becomes aware of and notifies the insurer of a potential claim. The insurer’s policy in force when the claim is reported is the policy that responds to the claim. If a claims made plus policy is cancelled or non-renewed for any reason, no additional premium is due to activate “tail” coverage.
Policy Limits: $1,000,000 primary/$3,000,000 aggregate
Excess Policy Limits: Please contact an underwriter
Claims Made
Claims made policies state the incident that gives rise to a claim must occur and be reported during the policy period. This means determination of coverage is triggered by the date the physician first becomes aware of and notifies the insurer of a potential claim. The insurer’s policy in force when the claim is reported is the policy that responds to the claim. If a claims made policy is cancelled or non-renewed for any reason, the insured is provided the option to purchase an extended reporting period also known as “tail” coverage. An alternative to purchasing “tail” coverage is obtaining “prior acts” coverage from the insurer to which coverage is being transferred. To be sure this coverage is provided, the policy must show the insured’s retroactive date of the first claims made policy. Either of these coverages will ensure no gaps in coverage.
Policy Limits: $1,000,000 primary/$3,000,000 aggregate
Excess Policy Limits: Please contact an underwriter