Someone with more experience with Medical Malpractice can address this better than I can. I assume that these policies would be claims made as it would be difficult for an occurrence based policy to provide coverage.
If this is the case, then a doctor who ceases his practice (retires, for instance), would be required to have a ten year extended reporting period on the policy.
That would be expensive. It can be done, but the cost will be born ultimately by the consumer (patients) and this will increase costs dramatically. Malpractice insurance is dreadfully high now (the physicians I know pay well into six figures for coverage).
I sympathize with those who have suffered, but inflicting that on the entire population does not seem to be the answer either.
The admitted Med Mal carriers in NYS offer both both CM and occurrence. In addition, tail is lifetime (by statute), and limits reset each year (also by statute). Death disability and retirement are built in to the CM step factors, so tail for DDR is free.
Someone with more experience with Medical Malpractice can address this better than I can. I assume that these policies would be claims made as it would be difficult for an occurrence based policy to provide coverage.
If this is the case, then a doctor who ceases his practice (retires, for instance), would be required to have a ten year extended reporting period on the policy.
That would be expensive. It can be done, but the cost will be born ultimately by the consumer (patients) and this will increase costs dramatically. Malpractice insurance is dreadfully high now (the physicians I know pay well into six figures for coverage).
I sympathize with those who have suffered, but inflicting that on the entire population does not seem to be the answer either.
The admitted Med Mal carriers in NYS offer both both CM and occurrence. In addition, tail is lifetime (by statute), and limits reset each year (also by statute). Death disability and retirement are built in to the CM step factors, so tail for DDR is free.