Medical specialized Liability Insurance – Claims Made, Occurrence
Medical specialized liability insurance is another name for medical malpractice insurance. There are two types of medical specialized liability insurance, claims-made and occurrence policies. There are advantages and disadvantages to each of these types of policies.
Claims-made insurance policies are one year long policies that are renewed each year without interrupting the coverage. Any claims made during the claims-made policy period will be covered, no matter when the incidence truly occurred, as long as the incident occurred after the original buy of the claims-made policy. This method coverage is retroactive back to the first policy. This kind of medical malpractice insurance is cheaper in the first few years of coverage as it is less likely claims will be made in the first few years of coverage. Premiums increase each year up to five years, when the reach the approximate cost of the occurrence policies.
Once a claims made insurance policy is cancelled, no further claims are covered. However, tail coverage can be purchased to cover any claims that occur for a certain amount of time after cancellation.
Occurrence medical specialized liability insurance covers all claims that occur during the coverage period, in spite of of when the claim is made. Because there is no way of knowing how many claims will ultimately be made due to actions occurring any given year, the premiums for occurrence medical malpractice insurance are not necessarily cheaper in the beginning like they are with claims-made policies. This kind of insurance covers the doctor forever against claims that consequence from the period in which the policy was in effect.
Both of these forms of medical specialized liability insurance are very expensive, so there are currently a lot of organizations working on proposals to solve the problem of compensating any patients with authentic medical malpractice claims without doctors having to pay huge premiums for liability insurance.
Some of the hypothesizedv solutions for the medical specialized liability include capping non-economic damages, trying medical specialized liability situations in a tribunal system outside of the main court system, use a no-fault system for compensation, using different argument resolution methods like arbitration and medication, and using screening panels to review situations and determine whether or not situations should proceed to court.
Doctors need to have medical specialized liability coverage in order to protect them from medical malpractice claims, which could otherwise bankrupt them should they occur. Doctors can lose a lot of money already on medical malpractice claims where they are not at fault, as they have to prove this.
In order to get the best deal on medical specialized liability insurance doctors should check around with the different insurance companies to see which offers the best policy at the best price. The cheapest medical specialized liability policy is not always the best, as different policies cover different things. Source: Medicalmalpracticeaid dot com