NY malpractice insurance comes in many different forms. Each kind of malpractice insurance has a different purpose. Certain type of coverage only covers issues if they were reported during the time the policy is active. While there are others that cover for a certain period of time after the policy expires. Then again there are policies that cover issues permanently after the policy expires. For the last two types, the issue should have occurred during the time the policy was active. Let’s look at these three types of malpractice coverage in detail:
Coverage of Claims Made
This is the most basic type of coverage bought by most medical professionals. This insurance covers issues only if they were reported during the time the policy is active. If the policy expires, then the policy will not cover the issue, even if it occurred while the policy was active. This can be a little inconvenient for some as they may not have had a chance to report the issue when it occurred.
Tail Insurance
Tail Insurance is another type of malpractice insurance NY and covers issues for a certain period after the policy expires. However, the issue should have been occurred and have been reported during the time the policy was active.
Occurrence Policy
The occurrence policy is the most beneficial type of NY medical malpractice insurance. It covers all issues permanently as long as they occurred during the time the policy was active. Even if the policy expires the issue will be covered.
These are the three most common types of malpractice coverage. Do make it a point to consult an insurance agent before purchasing one.
Coverage of Claims Made
This is the most basic type of coverage bought by most medical professionals. This insurance covers issues only if they were reported during the time the policy is active. If the policy expires, then the policy will not cover the issue, even if it occurred while the policy was active. This can be a little inconvenient for some as they may not have had a chance to report the issue when it occurred.
Tail Insurance
Tail Insurance is another type of malpractice insurance NY and covers issues for a certain period after the policy expires. However, the issue should have been occurred and have been reported during the time the policy was active.
Occurrence Policy
The occurrence policy is the most beneficial type of NY medical malpractice insurance. It covers all issues permanently as long as they occurred during the time the policy was active. Even if the policy expires the issue will be covered.
These are the three most common types of malpractice coverage. Do make it a point to consult an insurance agent before purchasing one.