If you are a physician or an attorney –or anyone else who requires Professional Liability insurance (PLI, also known as professional indemnity insurance (PII)) – you may have a problem once your policy period ends. Why?
In most cases, Professional Liability policies require that a claim is made and reported during the term of the policy. If you are sued after the policy’s termination date – EVEN IF IT IS IN REFERENCE TO AN INCIDENT THAT OCCURRED WHEN YOU WERE UNDER THE POLICY – you will not be covered.
PRIME Insurance now offers PLI or PII, including Malpractice Insurance and Errors and Omissions (E&O) insurance by The Hartford that gives you more protection.
Extended Reporting Period (ERP) by The Hartford
- Extends the period of time, after coverage ends, during which a claim can be reported and still considered eligible for coverage
- Helps provide coverage for the gap
Defense costs certainly can add up quickly. With this coverage, your defense costs do not reduce the Professional Liability coverage limits. That leaves you with more money for a settlement or judgement. The result is that you reserve coverage limits for coverage awards instead of using them up on defense costs for the claim.
Why are doctors, lawyers and other professionals buying this insurance?
Tailored Coverage+ Extended Reporting Period + Defense in addition to limits = uniquely great coverage
One Policy + one Bill = Unbeatable Convenience
For more answers to your professional insurance concerns, visit PRIME Insurance Agency.
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Doctors, lawyers and other professionals require more than general liability. They also need Professional Liability Insurance. But there's a problem with coverage time span.