What is Medical Malpractice Insurance?
Medical malpractice insurance protects a patient from negligent actions or unjust policies taken by physicians to wrongly treat an illness or injury. There are three different types of medical malpractice insurance policies that an individual can choose from:
1. Claims-Made Coverage- Similar to an auto-insurance policy, a claims-made policy provides coverage for incidents that occur while the policy is in action. The claim must be filed while the policy is in force for the negligent or wrongful act to be covered. If the policy is canceled or the doctor switches companies, the policy will not cover any claims, even if the act took place while the policy was in force.
2. Prior Acts and Tail Coverage-A policy that is purchases from the insurance company that held a previously canceled policy. In essence, it is an additional policy needed to renew an expired coverage.
3. Occurrence Coverage-Similar to traditional home insurance policies. These plans cover any incident that occurs while the policy is in force, and disregards when the claim was filed, even if the policy has been terminated since the alleged act of malpractice took place. If you need legal advice and assistance, contact malpractice lawyers.