What it does
PR 27 00 provides an extended reporting period for the claims-made physicians, surgeons and dentists, allied health care providers, optometrists and veterinarians policies, so claims first made after the policy ends for services rendered before the end of the policy period (and after the retroactive date) can still be covered, on the terms of the endorsement.
Program context
ISO's medical professional liability (PR) program provides separate coverage forms for physicians, surgeons and dentists; hospitals; allied health care providers; blood banks; diagnostic testing laboratories; optometrists; and veterinarians, each in an occurrence version and a claims-made version, with matching declarations (PR DS 01 to PR DS 07) and shared endorsements. Forms lists show the 09 08 edition as current. ISO has filed this as its Simplified Medical Professional Liability program.
Who needs it
Practitioners retiring, leaving a group, moving to occurrence coverage or to a carrier that will not honor their retroactive date.
Quoting and selling notes
- Explain tail cost and election deadlines well before the policy ends.
- Some carriers give free tail on death, disability or retirement; check the carrier's rules.
- Employment contracts often say who pays for the tail.
