Occurrence Medical Malpractice Insurance
An occurrence malpractice insurance policy covers any claims that occur during any policy year. The only event where occurrence coverage will apply is when the incident occurred during the policy year.
Claims Made Medical Malpractice Insurance
A claims made policy covers any claims brought during the claims made policy period. There are two events for claims made medical malpractice coverage to apply. The incident must have occurred during the policy year and it must be reported during the policy year.
The average time to report a medical malpractice claim is approximately one to two years, and a tail is required, or reporting endorsement is to be purchased to provide coverage for claims which have occurred but are not yet reported if the insured is non-renewed or decides to change carriers.
(Note: This is not meant to be legal advice; we are not a law firm. We are HCP National, a medical malpractice insurance brokerage in Orange County, CA.)