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Fairway offers claims-made policies with medical board defense coverage, retroactive coverage, and tail coverage options. We insure physicians, partnerships and corporations, healthcare facilities, and allied medical staff. LIMITS OF LIABILITY Our policy limits are customized for each physician and vary depending on state regulations. Please ask a Fairway representative if you do not know what limits are right for you. CLAIMS-MADE POLICY A claims-made policy requires a claim be made and reported during the policy period. Example: A physician has a policy period of January 1, 2009 - January 1, 2010. A claim occurs during the policy period. If the claim is reported before January 1, 2010, coverage will apply. If the claim is reported after January 1, 2010, coverage will not apply unless “Extended Reporting (Tail)” has been purchased. MEDICAL BOARD DEFENSE COVERAGE This pays for the legal cost to defend a physician before the Medical Review Board in a civil investigation and/or formal disciplinary action. Coverage includes attorney’s fees, expert witness fees, and other related expenses. Coverage will not apply to fines, penalties or settlements. Available Options: $25,000 per occurrence / $25,000 aggregate $50,000 per occurrence / $50,000 aggregate  Higher limits may be available upon request and eligibilityRETROACTIVE COVERAGE Retroactive coverage provides coverage for claims that occurred during a previous claims-made policy, that have not yet been reported. Example: A physician has a policy period of January 1, 2009 - January 1, 2010. The physician has purchased retroactive coverage and now has a retroactive date of January 1, 2000. A claim occurs between January 1, 2000 and January 1, 2009. If the claim is reported during the policy period of January 1, 2009 - January 1, 2010 and is deemed to be within the statute of limitations, then it is covered by the current insurance carrier. Extended Reporting Period (Tail) Extended Reporting Period (Tail) coverage provides insurance for claims that occurred during a claims-made policy period but were not reported until after policy termination and within the Extended Reporting Period. Example: A physician has a policy period of January 1, 2009 - January 1, 2010. The physician has purchased tail coverage. A claim occurs during the policy period but is not reported until after January 1, 2010. Coverage will apply if the claim is deemed to be within the statute of limitations and within the Extended Reporting Period. With 5 years of continuous coverage, you can retire at age 55 and may qualify to receive free tail coverage. Tail coverage will be provided at no additional charge if physician passes away or becomes permanently disabled. |
