Tail coverage: Do you carry your own insurance policy?

[SpikeDaCat]

So just tonight I learned that there are different types of malpractice policies that have different implications. When I signed my first contract I was ignorant to that fact, so I have no idea what kind of coverage I currently have. I suspect it is Claims-Made, which means that I need to purchase a tail policy if I take a different job. I've heard tail policies are expensive, but I haven't been able to find a ballpark estimate of what one might cost.

 

I am evaluating a job offer for a company which will provide 1mil/3mil for Claims-Made at no expense to me, but once again, tail coverage will be entirely up to me when I leave.

 

So, open poll: Do you carry your own malpractice insurance?

 

If you do, what plan, and are you able to get your employer to pay for it or otherwise compensate you for the expense?

If not, what do you do for tail coverage? Who offers it, and how much does it cost?

 

Thanks!

[jen0508]

My job provides claims made. No tail. considering getting it as well.

[burnpac]

I have claims made through two physicians with whom I contract (paid for my them). I also carry a separate occurrence policy for my first assist activities (paid my my corporation). My contracts stipulate that I must be provided with tail if the contracts are terminated and the policies are claims made. I opted for the occurrence policy to cover my private surgery activities despite its higher cost so I don't have to worry about tail.

[Iman]

Christine .. i'm glad you are bringing up this subject again .. i remember reading couple thread before about malpractice on this forum... but still not too sure about how it really works. I think the best way is to sit with a broker and have him break it down ... but as of now .. if i'm leaving my current job which I also believe have no tail ..

 

1. Am I supposed to do anything? you mentioned buying a tail ! if I don't what happens.

2. If I get another job that offers a policy with tail ... do i still need to pay the tail for my first job policy?

3. is it better to just buy my own policy (occurence for example which will give me less headache about the whole process?) and if i do .. do i still need to pay money for that first job tail thing?

 

and if yes .. that is not a good news :(

[Iman]

I have found this website

http://www.hpso.com/professional-liability-insurance/claims-made-info.jsp

 

that kind of sheds some light to me but still ...

[SpikeDaCat]

Thanks for the link, Iman. I wonder if I could get the new employer to pay for "Prior Acts Coverage" instead of me having to purchase a "tail." Probably not, but I might ask. There's a lot to think about.