Professionals with claims-made insurance add tail coverage to shield them against claims filed after their policies expire.
How Does Tail Coverage Work?
Tail insurance by Axis Insurance Services extends your protections for claims filed regarding incidents that occurred during the time your policy was active. This supplement is also known as an extended reporting period. It is important to note that these additions do not continue your plan’s life.
It is crucial to understand how the legal system and your indemnity plans work to determine what additions mitigate potential financial losses, for example:
- Patients can file claims against you long after you have retired or switched jobs.
- Your malpractice protections stop when a claims-made policy ends.
- Without tail coverage, you must pay all court and settlement costs out of pocket.
- This add-on security does not cover incidents that occur after the expiration of your claims-made program.
- This coverage applies only for a specified timeframe.
What Are the Benefits?
- Tail insurance provides liability protection after the cancellation of your claims-made policy.
- It reduces the potential for financial loss and protects you or your business during transition periods.
- It protects you when you switch carriers.
Tail coverage ensures continued liability protections after your business transition, policy change or retirement. Gain peace of mind with this added plan to safeguard your financial assets.