(which is actually an Extended Reporting Endorsement that is added to the then current policy) can be purchased as a separate policy from carriers other than your current carrier.
Most D&O policies offer tail coverage
, though the terms, conditions, and pricing of such coverage varies.
A good agent will ensure that all non-renewing claimsmade policies have tail coverage
if you change insurers or do not renew a claims-made (2) insurance policy, purchasing tail coverage
(3) is recommended.
You will need "tail" coverage against belated claims after you retire, but many companies provide free tail coverage
after you've been insured for a minimum period (usually 5 years).
1, 2 and 3 year optional tail coverage
available per the policy terms.
In a mergers and acquisitions scenario, the excess and surplus lines market comes into play through the buyout of historical liabilities and the provision of tail coverage
You don't see things such as tail coverage
on a personal line of business," he says.
In other words, tail coverage
extends the life of the claim policy and makes it current.
When an organization goes out of business, it should always buy the tail coverage
so when the coverage stops, the policy covers the officers and directors for a period of time.
Absent the two physicians entering retirement where the tail coverage
premium would be waived, the tail coverage
expense to remain in practice was quite large.
Zisow said he wouldn't be able to afford to buy the tail coverage
that would be necessary to start practicing obstetrics again.