Physician Malpractice Policy Coverage: Claims Made vs. Occurrence
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Physician Malpractice Policy Coverage: Claims Made vs. Occurrence

Physician Malpractice Policy Coverage: Claims Made vs. Occurrence

Claims vs OccurrenceOver the past year, the drastic changes in the New York physician malpractice insurance market have been a topic of much discussion amongst doctors. In today’s soft market with the emergence of financially secure and competitive risk retention groups, it is important to understand the basics of malpractice coverage.

At the basis of malpractice insurance, there are two types of policies available to physicians: Claims Made and Occurrence. Both provide healthcare professionals with protection in the event of a claim; however the way in which these policies function is different.

A Claims Made policy triggers at the time the claim is filed, regardless of when the incident occurred. The policy must be renewed each year or tail coverage must be purchased in order to protect against incidents that have occurred but have not yet become a claim.  It is important to note that physicians that have a Claims Made policy can easily switch insurers without purchasing a tail so long as the new insurer matches the retroactive date (sometimes referred to as nose coverage).

An Occurrence policy differs in that coverage triggers at the time of the incident, regardless of when the claim is filed.  Occurrence policies do not require tail coverage.

Whether a physician has Claims Made or Occurrence coverage, it is important to remember the basics of malpractice insurance when discussing the larger, more in-depth topics. As the marketplace in New York continues to change and expand, the options for physicians in the New York area will continue to grow. If you would like to learn more about the evolving choices for physician malpractice insurance in New York, please contact us.

Phalanx Healthcare Solutions is a New York based medical malpractice insurance consultant specializing in insurance and reinsurance solutions for physicians, physician organizations, and healthcare systems. For more information, visit our web site at www.phalanxllc.com.

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