Medical Professional Liability Insurance - Claims Made, Occurrence

Medical professional liability insurance is another nameclaims-made policies. This type of insurance covers
for medical malpractice insurance. There are twothe doctor forever against claims that result from
types of medical professional liability insurance,the period in which the policy was in effect.
claims-made and occurrence policies. There areBoth of these forms of medical professional liability
advantages and disadvantages to each of theseinsurance are very expensive, so there are currently
types of policies.a lot of organizations working on proposals to solve
Claims-made insurance policies are one year longthe problem of compensating any patients with
policies that are renewed each year withoutlegitimate medical malpractice claims without doctors
interrupting the coverage. Any claims made during thehaving to pay huge premiums for liability insurance.
claims-made policy period will be covered, no matterSome of the proposed solutions for the medical
when the incidence actually occurred, as long as theprofessional liability include capping non-economic
incident occurred after the original purchase of thedamages, trying medical professional liability cases in a
claims-made policy. This means coverage istribunal system outside of the main court system,
retroactive back to the first policy. This type ofuse a no-fault system for compensation, using
medical malpractice insurance is cheaper in the firstalternative dispute resolution methods like arbitration
few years of coverage as it is less likely claims will beand medication, and using screening panels to review
made in the first few years of coverage. Premiumscases and determine whether or not cases should
increase each year up to five years, when the reachproceed to court.
the approximate cost of the occurrence policies.Doctors need to have medical professional liability
Once a claims made insurance policy is cancelled, nocoverage in order to protect them from medical
further claims are covered. However, tail coveragemalpractice claims, which could otherwise bankrupt
can be purchased to cover any claims that occur forthem should they occur. Doctors can lose a lot of
a certain amount of time after cancellation.money even on medical malpractice claims where
Occurrence medical professional liability insurancethey are not at fault, as they have to prove this.
covers all claims that occur during the coverageIn order to get the best deal on medical professional
period, regardless of when the claim is made.liability insurance doctors should check around with
Because there is no way of knowing how manythe different insurance companies to see which
claims will eventually be made due to actionsoffers the best policy at the best price. The
occurring any given year, the premiums forcheapest medical professional liability policy is not
occurrence medical malpractice insurance are notalways the best, as different policies cover different
necessarily cheaper in the beginning like they are withthings.