Medical Protective Introduces Convertible Plus Product
Allowing claims-made insureds to easily convert to occurrence coverage
FORT WAYNE, IN – July 15, 2009 – Medical Protective is pleased to announce that for a limited time, physicians in select states have the opportunity to convert their claims-made coverage to occurrence coverage, and also receive a discounted price and attractive financing options on their tail coverage.
During the last medical malpractice crisis, occurrence coverage all but disappeared, and many insureds were forced into claims-made coverage. Today, many of these healthcare providers want to switch back to occurrence coverage, but are finding that "tailing out" of their claims-made coverage can be expensive. Medical Protective’s convertible claims-made policy combines immediate occurrence coverage with a reduced price on the "tail," making it easy and affordable for these customers to once again enjoy the convenience and flexibility of occurrence coverage.
“Healthcare professionals in high-turnover specialties may need portability and simplicity in their medical malpractice coverage,” says Mark Wittel, Vice President & Agency Sales Leader at Medical Protective. “This product offering allows providers the opportunity to easily convert their coverage from claims-made to occurrence through the nation’s leading malpractice insurance provider.”
The convertible plus product provides the following benefits to healthcare professionals:
- increased freedom to move or alter practice without concern of having to pay a large lump sum to "tail out" of current coverage
- reduced price of tail of 100-125% vs. standard rate of 180-195%*
- tail purchased in today's dollars – interest free with five annual installments
- available in a growing number of states, including: Idaho, Oregon, Massachusetts, Michigan, Virginia, Arizona, Maryland, Washington, Kentucky, Ohio, Colorado, New Jersey, Nevada, Pennsylvania, Indiana, and Alabama.
To learn more about converting from claims-made to occurrence coverage during this limited-time offer, please contact Medical Protective at 800-4MEDPRO, or call your independent MedPro agent. Ask for your free “Know Your Options” guide, and a no-cost, no-obligation quote.
*In the event of cancellation by insured prior to completion of five-year payment plan, standard tail rates will prevail, and balance due on promissory note will be due within 60 days of cancellation.
