There are really only two types of policies that are available for physicians.One is a claims-made policy which is the type used the most by carriers. The other is an occurrence form policy. The main difference between a claims-made policy and an occurrence form policy is the way claims are reported.
Claims-Made Policy
A claims-made policy covers you for any covered claim provided you were insured when the claim was made and the claim occurs after the retroactive date on the policy. With a claims-made policy, an insured must report claims in the policy year they were informed of the claim subject to the policy’s retroactive date. For example, if a physician has a claim filed against them in 2010 but the claim occurred in 2005, the claim would still fall to their 2010 policy as long as their policy has a retroactive date on or before the claim. If you stop purchasing claims made coverage or coverage at all, you will need to purchase a tail for your previous exposure. Also, when switching carriers, you must keep your retroactive date in place to ensure you have you prior liabilities covered.
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