Cancer CarePoint offers its providers the highest quality occurrence-form insurance coverage in the industry. Occurrence-form insurance from Medical Protective offers protection indefinitely. In contrast, Claims-Made policies only offer coverage for the duration of the policy. This can be risky and expensive if you are not in control of deciding whether or not to maintain the policy. Occurrence-form insurance offers security, even in times of economic uncertainty. For example, if the locum tenens agency through which you provide coverage happens to be acquired or unexpectedly terminates services, and that agency offers a Claims-Made policy, you could be left without tail coverage.
Cancer CarePoint chose Medical Protective because of its financial strength and history. As the nation's oldest medical malpractice insurer, Medical Protective is licensed and admitted in all fifty states and is also protected by each state's Insurance Insolvency Guaranty Fund. As one of a select few recruiting firms to offer this coverage, Cancer CarePoint is proud of Medical Protective's confidence in our company and our locum tenens services.
The Difference Between Claims-Made and Occurrence Coverage
Limits of Coverage
|Coverage will respond to incidents arising on or after the policy retroactive date and which are reported during the term |
of the policy.
|Coverage will respond to incidents arising from the coverage period - regardless of when those claims are reported.|
Prior Acts-or Retroactive Coverage
|Policy may be endorsed to respond to incidents which occurred before the policy start date. Also referred to as policy retroactive date.||No Prior Acts coverage is needed.|
Extended Reporting or Tail Coverage
|Tail coverage responds to cover incidents that have not been reported to the company during the policy term. Some companies will offer a free tail at retirement, subject to certain conditions.||No Tail coverage is needed because incidents that occurred during the policy period are covered no matter how much later they are reported.|
|Claims-Made coverage involves a step process with premium increases over the first five years of coverage in increments proportional to the claims reporting for that experience. The initial premium and subsequent years' premium are substantially lower than an occurrence policy. By the fourth or fifth year the Claims-Made premium reaches a mature level and premium adjustments are based on annual rate changes only.|
Occurrence coverage tends to be very expensive because the insured is prepaying for tail costs whether the tail gets used or not.