contract regarding "claims made" malpractice

[uhhhh]

This is quote from contract:

Such insurance shall be under a “claims made” policy, or its substantial insurance equivalent. Upon the termination of this agreement, corporation shall cause professional malpractice insurance to be maintained in favor of the Physician with respect to the medical services performed by the Physician pursuant to this Agreement. Coverage limits for both aforementioned periods are in accordance with those limits required by the Hospital.

Does that mean I would be responsible for tail coverage? Anyone speak legalese?

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[evilbooyaa]

Not a lawyer (you should have one review your contract FWIW) but it sounds (to an uneducated person in law) that you will have tail coverage for the services you provide under that contract alone.

 

[npappasan]

A claims made policy covers you during the period of coverage that is active AND a claim is made within that coverage period. Once the policy expires, any claims made after that point of expiration are NOT covered, unless a "tail" policy is purchased. An occurence policy covers you for any claims during a coverage period, even if a subsequent claim is made outside of the coverage period. Most policies are claims made type. Very rare to find insurers writing occurence policies because they dont want to potentially pay out for something they stopped receiving premiums for 10 years ago. It sounds like they are describing tail coverage but I would have them clarify. I would even have them re-write the contract so it specifically uses the words "tail coverage".