Medical liability insurance
Our medical liability insurance products protect your practice and your reputation. Policies are available at a variety of limits for physicians and health care organizations. We offer the following type of coverage.
A claims made policy is designed to protect you during the active policy period, usually one year. If you do not renew your claims made policy when it expires, you no longer have coverage for any claims that may arise in the future that are alleged to have occurred during the time your policy was in force.
Physicians who wish to continue coverage under a claims made policy must purchase supplemental coverage, such as tail coverage or prior acts coverage. If neither tail coverage nor prior acts coverage are purchased when a claims made policy expires, any future claims that might arise from services performed during the policy period will not be covered.
Available limits — each claim / all claims
Extended reporting endorsement (tail coverage)
Tail coverage is purchased when your claims made policy is cancelled, non-renewed, or expires. Tail coverage continues insurance protection under your claims made policy for claims arising in the future, but that occurred when your policy was in force. Tail coverage is expensive because it continues coverage into the future.
PIC offers free tail coverage to physicians who:
- are 60 years of age or older;
- have been continuously insured with PIC for 3 years or more; and
- cancel their policy due to complete retirement from the practice of medicine.
PIC waives the tail premium if the physician dies or retires due to medical disability.
Prior acts coverage
Another type of supplemental coverage is prior acts coverage, which is purchased from your new insurance carrier when you change carriers. Prior acts covers incidents that occurred under a previous claims made policy that have not yet been reported. If new claims arise that occurred during the prior acts period, they are reported to your new carrier to be covered under the prior acts policy. (Prior acts is also known as nose coverage.)
Locum tenens provides indemnity and defense coverage to a substitute physician who assumes responsibility for your patients during a scheduled absence. All PIC policyholders can request locum tenens coverage for up to 30 days per policy year without an additional premium charge.
Requests for locum tenens coverage require written notice before the scheduled absence, and the substitute physician must submit an application for review and acceptance.