Whatever the reason it is sometimes possible to obtain malpractice protection with a “Run Off” policy. This is a claims-made policy that does not cover any current work being done but only past acts. Unlike an ERP there is no lump sum payment and it is generally only purchased on an annual basis. Also getting this coverage is not guaranteed.
These policies are carefully underwritten and can be expensive, starting at around $5000 per year per professional per $1 Million of coverage. As these are normally offered by non-admitted surplus lines carriers, there will be additional taxes and fees added on.
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Lee Norcross, MBA, CPCU Managing Director, CEO (616) 940-1101 Ext. 7080 |
