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Nose coverage is generally more expensive, and many carriers don't write nose coverage in malpractice. The cost of a tail is typically around 150-200% of your last annual premium. So if you, or your practice was paying $ 2000/year for your claims made coverage, expect the tail bill to be $3-4,000. I strongly emphasize that you must purchase ...
If you wanted to, you could look into buying your own stand-alone tail policy to ensure that you'll be covered OR you can get a new malpractice insurance policy that includes prior acts coverage. Either way, make sure you're getting all of the "promises" made by your employer in writing.
Occurence is usually what you want and is most inclusive. Some people say tail coverage to mean any policy that covers you after you leave the job/policy, but malpractice insurance companies differentiate between occurence based polices and claims made policies, claims made policies sometimes also offering a "tail" coverage in addition to the core policy
It reads like this: The professional liability insurance will be a “claims made” basis. The PA shall purchase extended reporting endorsement coverage (“tail” coverage), at the same limits described above, for a period no less than 3 years after termination of the PA’s employment.
Hey I have to provide my own malpractice ins for my private practice job. They will reinburse me up to $1000 a year. I need per "occurrence insurance coverage in the minimum amount of $1,000,000.00 per person, $3,000,000.00 aggregate, for professional liability" I was wondering if anyone has any advice on what company I should go with?
If the deal is sweet enough, get your own. On the private market, malpractice is often referred to as "professional liability". There are numerous brokers out there that you can email or talk with by phone who can give you a rundown on further options.
Professional liability premiums vary greatly depending on the amount of coverage and the type of policy you get. It also depends a lot of the type of practice you have. Your best bet is to work with either an insurance broker you already work with for other coverage, or go through your local bar association to find one.
I underwrite Healthcare professional liability. If they've stipulated your prior employer is covering IBNR or rolling claims you're fine. I would not look to buy individual tail and highly doubt they expect you to if they've been including you on their coverage. I've seen IBNR and tail used interchangeably.
The general advice is to get enough coverage to cover your highest value case. I'm not sure how long you've been licensed, so I can't predict the cost of your tail, but I recall paying somewhere around $1,400 for my first year for $1M in coverage not far out of law school. Best of luck with your practice.
My premium is about $3000 and my coverage is 2M/4M. I have it directly debited from my account and my agent updates it every year. I have my business insurance, property insurance and professional insurance all through FDA services. Of all the different insurances I have the professional liability is one of the least expensive.