We’re simplifying insurance for dentists by combining all of your coverage’s into one discounted package. You no longer need to have your professional liability with one company and your general liability with another. We offer superior protection and higher limits of insurance at a lower cost all with an A+ rated company with local claims service.
Our package policy offers:
• Occurrence Form
• Full Prior Acts Coverage/Tail Coverage
• Three Year Rate Guarantee
• Pure Consent to settle
• Corporations included with separate limits
• Hygienists & Assistants have separate limits
• Coverage for substitute Dentists
• Several Discounts Available (see below)
• Professional Liability
• General Liability
• Workers’ Compensation
• Equipment breakdown
• Employment Practices Liability
In the event of a claim, on an occurrence policy, the policy you have in force at the time is going to pay for that claim.
In a Claim’s Made Policy Form, the claim must occur and be reported during the policy period unless you keep your insurance with the same insurance company year after year after year. That’s hand-cuffing you to one insurance company disallowing you to change companies because if you do, a claim that actually occurred last year and develops into a suit several years later, will not be covered. Often times your professional liability policy premium will go up every year, even if you do not have a claim. The only way to protect yourself if you want to switch to a difference insurance company is to purchase 1) extended reporting or “tail” coverage that can be expensive or 2) to purchase “full prior acts coverage” from the company to whom you are switching; not all insurance companies offer “prior acts coverage”.
In an Occurrence Policy, it doesn’t matter when you report the claim as long as there was a policy in existence when the claim occurred. You can switch companies any time. The policy that was in force when the claim occurred reaches out to cover the claim. An occurrence policy unlocks the handcuffs allowing you the freedom to change companies from a Claim’s Made Policy to an Occurrence Policy for better coverage or rates as long as you purchase Tail Coverage or move to a company that offers Full Prior Acts.
Full Prior Acts Coverage
When switching from a claims-made policy to an occurrence form, you purchase Full Prior Acts Coverage. This covers claims arising from Professional liability from the date you started practicing until long after you retire. (Prevents the expense of having to purchase tail coverage year after year.)
Tail coverage picks up where a claims-made policy leaves off, covering occurrences while the policy was effective, but claimed after the policy was expired. As a result, the combination of a claims-made policy and tail coverage looks very much like an occurrence policy, with one critical difference. When an occurrence policy expires, the premiums stop, while the coverage (on occurrences that happened during the policy period) continues forever. Tail coverage, on the other hand is something you purchase after your claims-made policy expires…and you continue to pay for it until you decide that the risk of discovering an old occurrence no longer outweighs the cost of the tail coverage premium.
On a claims-made policy, when you have a claim, the policy you had in force at the time of the claims is going to pay for the claim. To have continuous coverage you must stay with the same insurance company year after year. To switch insurance companies you would need to purchase Tail Coverage to cover any gaps between the two professional liability policies. Once you retire you must purchase tail coverage every year to cover any claims that may arise during your retirement.
Three Year Rate Guarantee
Often times your professional liability policy premium will go up every year, even if you do not have a claim. The Cincinnati Insurance Company is offering a guarantee on your professional liability and your general liability rates. You will have a consistent premium with Cincinnati year after year.
The program is designed to be cost effective and simplify insurance policies for dentists. This program offers discounts for:
• Being a member of the association
• Being part time
• Being a new dentist in your first three years of practice
• Being claim free for three years or more
This policy contains a pure consent to settle clause; this means the insurance company will not settle any claims without consulting the dentist and getting consent to do so.
Corporation, Assistants, and Hygienists have separate limits
Under Cincinnati’s professional liability policy, the dental hygienists, assistants and the corporation are all included with the dentist with their own limit of one million dollars per occurrence. In the event a dental hygienist and the dentist are named in a common lawsuit, they would not have to share a limit of one million between the two of them.