What Types of Coverage Does Conventus Offer?
Today, almost all professional liability insurance coverage is provided by claims-made policies. Conventus coverage is written on this basis. Under a claims-made policy, policyholders are covered for any incident that takes place — and that is reported — to the carrier on or after the earliest date to which a specific insurance policy applies, as long as the policy is still in force. That date may be the effective (inception) date of the policy, or it may be an earlier (retroactive) date, which results from the purchase of retroactive (prior acts) coverage for doctors transferring from one claims-made carrier to another. The advantage of claims-made coverage is that premiums are based on actual past and current experience, excluding anticipated future liability beyond the current year of insurance. As a result, current policyholders do not pay premiums in advance for future liability that is difficult to project.
Today, almost all professional liability insurance coverage is provided by claims-made policies. Conventus’ coverage is written on this basis. Under a claims-made policy, policyholders are covered for any incident that takes place — and that is reported — to the carrier on or after the earliest date to which a specific insurance policy applies, as long as the policy is still in force. That date may be the effective (inception) date of the policy, or it may be an earlier (retroactive) date, which results from the purchase of retroactive (prior acts) coverage for doctors transferring from one claims-made carrier to another. The advantage of claims-made coverage is that premiums are based on actual past and current experience, excluding anticipated future liability beyond the current year of insurance. As a result, current policyholders do not pay premiums in advance for future liability that is difficult to project.
