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FAQ's & Info

Q: What are the differences of a pure Claims Made policy and a Claims Made policy with Extended Reporting?

If you purchase what is called "Prior Acts" coverage with your subsequent new policy, then it may not be necessary to purchase the extended reporting endorsement for your claims made policy with your previous insurance carrier.

Example:

Situation: Forth Year Claims Made policy and physician elects to switch insurers
New Company offers "Prior Acts" coverage
Retroactive Date matches original inception date of the expiring policy
Resultant Premium: physician pays new insurer the 4th year Claims Made rate
No 'tail' coverage would be needed at this time.

However, Prior Acts coverage is sometimes given limits by the insurance carrier, and physicians should evaluate the specifics of the insurance policy and consult with their insurance broker prior to making any decisions.

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*The information found within this website is not deemed to be complete for every situation and is not a substitute for professional legal or insurance advice. It is an overview of some of the more common insurance terms and scenarios that may arise in certain instances regarding Medical Professional Liability insurance. The examples and models set forth in this website are for illustrative purposes only; to address specific concerns, please contact PLIG of SJ. Please be advised that you should always consult with the appropriate professionals to fully evaluate your individual situation as it pertains to insurance coverage. No reliance should be placed on the information contained on this website unless independently verified by PLIG of SJ. PLIG of SJ cannot, and does not, offer legal advice of any kind.

PLEASE NOTE: The Professional Liability Insurance Group of South Jersey is licensed in the state of New Jersey only and any and all content found within this website are intended solely for viewers who are licensed Health Care Providers in the state of New Jersey.

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