Tail Insurance Policy Definition
In the united states six years is the standard.
Tail insurance policy definition. In contrast to a standard policy tail coverage provides protection for medical malpractice claims that are reported after the provider s policy expired or was cancelled. In other words if a claim arises within six years after a company is sold the selling company. For example if an employee falls off a ladder in june and the employer allows the employee s workers compensation insurance to expire in july tail coverage would pay the claim even if the employee does not file until august. Tail coverage is an endorsement or an addition to your insurance that allows you to file a claim against your policy after it expired or was canceled.
Here is an example of how tail coverage works. Tail coverage a provision found within a claims made policy that permits an insured to report claims that are made against the insured after a policy has expired or been canceled if the wrongful act that gave rise to the claim took during the expired canceled policy. A malpractice insurance rider or supplement to a claims made policy that provides coverage for an incident that occurred while the insurance was in effect but was not filed by the time the insurer policyholder relationship terminated. It applies to claims made insurance policies and typically involves paying your insurer an additional fee.
Define tail insurance policy. Doctor a s insurance policy is in effect from january 1 2010 through december 31 2020. Also assume that the insured did not renew the policy when it expired on january 1 2016 2. When a tail policy is purchased the insurance carrier for the selling company agrees to hold open the d o insurance policy for a specified period of time past the policy s normal expiration date.
D o tail policy means a tail directors and officers liability insurance policy to be bound effective as of the closing date that a has an effective term of six years following the closing date b covers each person currently covered by the seller d o policy in effect on the date of this agreement for acts and omissions occurring at or prior to the closing date and c. Means a tail insurance policy issued for the full term of the indemnification escrow agreement to pay any claims against the companies for actions or omissions occurring prior to the closing date relating to specified risks and claims or types of claims against the companies in a form and issued by an insurer reasonably acceptable to buyer providing coverage. The fine print imri provides the following example of how tail coverage insurance works. Tail coverage extends the reporting period of malpractice insurance so that medical practitioners can report a wrongful act even after their malpractice insurance lapsed or was cancelled.
Tail coverage requires that the insured pay additional premium.
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