Types of Coverage
Comparing Claims-Made and Occurrence Policies
Occurrence Policy
An occurrence policy responds to claims resulting from incidents which occur during the policy period, regardless of when the actual claim is made. Coverage need not be in force at the time the claim is reported. It is only necessary that coverage was in force at the time the alleged negligence occurred.
Claims-Made Policy
A claims-made policy responds to claims which are filed during the policy period arising from treatment provided after the retroactive date of the claims-made policy. As long as the claims-made policy is renewed, coverage will apply. If the policy is canceled, an extended claim reporting endorsement (tail) may need to be purchased. An extended claim reporting endorsement is provided at no additional cost to members whose coverage is canceled as a result of death or permanent disability. At retirement, a reporting endorsement is also provided at no additional cost when a member reaches age 55 and has maintained a claims-made policy for at least five years immediately preceding retirement. An extended claim reporting endorsement at no additional charge may also be available to any insured who has had 10 continuous years of claims-made coverage with The Program if they meet underwriting guidelines. For these options, insureds must meet underwriting guidelines and availability may vary by state.
Modified Occurrence or Claims-Made with Prepaid Reporting Endorsement
A modified occurrence or claims-made with prepaid reporting endorsement combine the best features of both occurrence and claims-made coverages. Coverage is provided for the services rendered during the policy period. The cost of the extended claim reporting endorsement is included in the premium paid each year the policy is in force.
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For more information about individual coverage, please call (800) 245-3333, ext. 389 or e-mail TheProgram@prms.com.
More Than A Policy
With The Psychiatrists' Program, you have more than a policy; you have the support of a full service medical professional liability insurance program.
How does your policy compare? Make the comparison with our coverage checklist.