If I buy malpractice insurance
today, will it cover me if I'm sued in the future for something that happened before I had the insurance? I'm not talking about buying insurance when you are under investigation or a lawsuit has been filed. I mean buyimg insurance and then, maybe a couple of years down the road, being sued for something that happened before you had the policy.
Quote from core0
First of all as noted above there are two types of insurance. Occurance covers anything that happens while the policy is in effect even after the policy lapses. A claims made policy covers things that happen when the policy is in effect but doesn't cover after the policy lapses. When changing policies from a claims made policy typically you can buy a policy calls a tail policy which covers you for acts that happen during the policy but when claims are made in the future. What you are referring to is a nose policy. This covers you under the current policy for acts that occurred before the policy.
Tail vs Nose Coverage
Please correct me if I'm wrong, but doesn't "nose" coverage apply only when you're changing from one insurer to another insurer? The new insurer picks up the risk that the old insurer isn't going to be covering going forward (for a fee). I don't think "nose" coverage applies in the case of an individual who didn't have prior coverage, period. OP's question about "if I buy coverage today" implies to me that s/he doesn't have current coverage.
Last edit by elkpark on Jul 8