Physicians Who Return From Retirement Within Two Years Are Allowed to Reinstate Their Old Policy

The Doctors Insurance Agency has been providing Medical Professional Liability Insurance for Physicians, Mid-level Providers and Allied Healthcare Providers for decades. We are devoted to our members so they can count on us to be specialists at protecting their practice.

One of our doctors, a Family General Practitioner is considering returning from retirement. Physicians who return from retirement within (normally two years) are allowed to reinstate their old policy with The Doctors Company. The ‘retirement’ period would now be viewed as a suspension of coverage period. Upon return the Tail Insurance is rescinded and their retroactive date is reinstated.

His situation was complex, as he didn’t currently have a permanent address, access to his C.V, nor does he have easy access to a printer. He wants to reinstate his Medical Malpractice Insurance within the two year window, so that he can have the opportunity to practice, if he chooses to do so. He needed to know what options he had for coverage within a two year framework or outside of that framework. He appreciated our counsel and assistance during this difficult transition period.

We provided our doctor with two options to reinstate his old Medical Malpractice Insurance policy from retirement:

RETURNING WITHIN TWO YEARS:

1. The policy would be reinstated with the original retroactive date.
2. The annual premium amount would be at the mature rate based on the reinstated retroactive date.
3. The free tail that had been issued would be rescinded (since he is working again).

RETURNING AFTER TWO YEARS:

1. A percentage of the tail amount would be owed. (determined by how long reinstatement is after the two years)
2. He would be charged the first year claims-made rate (Year 1 ) for this specialty.
3. He would also get to keep the previously distributed Tribute amount but would not be eligible again for a second payout until another five years of coverage is completed with The Doctors Company.

The Doctors Insurance Agency will always be assisting our doctors during any difficult period.

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