In case you have suffered from a fraud due to medical misconduct, you might take help from medical malpractice insurance. Another reason for you to appreciate this is because there are many types of this kind of insurance.
In this article, let us discuss the main types of medical misconduct protection policies and their coverages.
Claims-Made Insurance Coverage: A claims-made insurance coverage for any kind of medical misconduct is specially designed to provide protection throughout the period in which the insurance is in force and active. Thus, if an individual is willing that his/her insurance claim will be accepted by one of the many medical malpractice insurance companies, the claim would be required to get filed during the period when the insurance coverage is active.
However, later, if a doctor, surgeon or any other medical personnel decides to switch to some other insurance policy or cancels the policy, the policy will be no longer be able to accept any future requests to claim the amount of the medical insurance, even if, the alleged neglect took place while the insurance was active.
Factually, the medical malpractice insurance rates Illinois for this type of policy are by and large more affordable than some of the alternative options since the period of insurance is limited and eliminates the potential of future liabilities.
Tail Insurance Coverage and Preceding Acts: The claims-made insurance coverage is usually taken out by the medical professional, tail insurance coverage provides some extra benefits. In case a medical personnel is willing to have some extra assurance over the liability coverage for such an insurance claim that might be reported after the relapse of the standard insurance term, then, this add-on protection is probably highly desirable. This add-on protection is termed as tail coverage. When this extra coverage is purchased elsewhere, tail insurance coverage is referred to as preceding acts coverage.
Occurrence Insurance Coverage: An occurrence medical misconduct protection coverage policy offers wider coverage option. In this type of insurance coverage, claim can be filed at any time, however, the incident must have took place when the insurance coverage was in force. Also, it is immaterial that whether a policy has been canceled or expired as it reports an act of negligence. Due to the wider insurance coverage and high malpractice insurance rates provided by occurrence insurance coverage, it often attracts the higher insurance rates of medical misconduct as compared to the coverage rates of claims-made policies.