Is a Claims-made Slot Policy for You?

Physician Considering a Claims-made Slot PolicyThroughout a normal business day I probably explain the difference between a claims-made physician liability policy and an occurrence physician liability policy at least a dozen times. Most physicians will only qualify for one policy or the other. But, as the practice of medicine continues to evolve, new options become available and are worth knowing about. One of those is the claims-made slot policy.

The claims-made slot policy is a unique med mal policy that combines the best features of both the claims-made and occurrence policies. A claims-made slot policy is similar to the claims-made policy as it has a retroactive date and the cost of coverage starts out relatively low. However, the difference between a claims-made slot policy and a regular claims-made policy is that physicians or mid-levels that are no longer employed by the practice do not have to pay a tail. As long as the claims-made slot policy remains in good standing, the purchase of a tail is not necessary. A tail is purchased when the policy is no longer needed or is canceled.

Great. Sign me up is what you are probably saying to yourself. Not so fast. The insurance companies only offer claims-made slot policies to the following types of practices:
– Clinics (depends on the State)
– Emergency Room Physician Groups
– Locums Groups
– Home Health Care Practices

If you would like to learn more about claims-made slot policies, or any other type of doctor liability insurance, please call me directly at 1-800-962-1224 or email me at jleander@cg-ins.com.

Disclaimer: This article is written from an insurance perspective and is meant to be used for informational purposes only. It is not the intent of this article to provide legal advice, or advice for any specific fact, situation or circumstance. Contact legal counsel for specific advice.