Stand Alone Tail Insurance for Medical Malpractice
Welcome to InsureTail.com, the leading broker structuring stand alone tail insurance for doctors. We are one of the premier independent brokers focused on serving the health care industry, offering independent solutions for a changing market. Look to InsureTail.com for stand alone ERP (stand alone extended reporting period) quotes. A stand alone tail quote can save your practice money and better protect your assets.
Most physicians buy malpractice insurance coverage on a claims made basis, this means that insurance coverage is triggered when the claim is reported to the insurance carrier – not when the accident happens. Because of this, when a physician stops buying insurance they must buy a tail policy to cover incidents that have happened but are not known to them or their insurance company. Without this coverage all the money spent on premiums goes to waste and a physician is uninsured going forward.
Many medical malpractice insurance companies offer a free tail on retirement. However, healthcare reform is causing consolidation in the industry and many physicians are merging groups or exploring hospital employment before retirement. This causes the need to purchase tail insurance. Insurance companies are rigid and don’t like to bend on their state filed rules, they will offer a tail quote – take it or leave it. With consolidation heating up many companies have jumped in to offer a second option. We offer an alternative that better protects our clients and saves them money.
Malpractice Tail Opportunities
The following scenarios have value in seeking a stand alone tail quote:
• A physician group tailing out an departed physician
• A physician or group merging with another phyisician group
• A physician becoming employed by a hospital or Accountable Care Organization (ACO)
• Insolvency by a current carrier
• A group forming or dissolving a Captive Insurance Company or Risk Retention Group (RRG)
Most stand physician insurance companies offer unlimited tail coverage, meaning a claim can be brought at any point. The third party options available give you the choice of buying a shorter period. This saves a significant amount of money if that statute of limitations in your state provides protection.
Another reason our companies can offer a cheaper price on your stand alone tail insurance is adverse selection. Insurance is based on the idea that those who need it the most are most likely to buy it. By explaining your employment situation to the underwriters we can drive a better deal for you.
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