Canceling Your Policy & Your Extended Reporting Options
Whatever reason brings you to cancel your coverage (leaving the practice, moving out of state/country, taking time off from practicing medicine, etc.), please contact your dedicated service team in order to have the appropriate paperwork processed and tail offer issued, if applicable. If you are closing your practice, there may be other considerations regarding tail coverage for your corporation or tail coverage for other insureds on the policy.
If you are on a claims-made policy and plan to retire, you may be eligible for a retirement or disability tail endorsement at no cost. Otherwise, depending on your contract with the practice, you may be required to purchase tail (Extended Reporting Endorsement) coverage or obtain prior acts coverage with a new carrier.
If you have coverage on an occurrence policy, or you are named on a policy as an insured sharing limits, you will not need to purchase tail coverage. Occurrence policies are structured to provide coverage once the policy is canceled or expires so long as all premium payments were made.
Any insured listed on a claims-made policy sharing limits will not be offered tail coverage because of the nature of sharing limits (as long as the policy is still in place, or the policy purchases tail coverage in the future should they cancel, the insured sharing limits will have coverage for potential future claims).
Contact us if ou have any questions or would like to speak to an agent.