#1: Claims-Paid Handcuffs.
A claims-paid policy restricts physicians/groups from leaving their current carrier if there is an open claim, or in some cases, the possibility of a claim being filed.
#2: No Shopping Zone.
Claims-paid coverage also binds you to your current carrier’s rate changes until you are allowed to leave. Your ability to consider comparison pricing is severely restricted.
#3: Carrier/institution type.
Be sure you understand what type of carrier or institution is offering you coverage. Alternative risk carriers – trusts, co-operatives and Risk Retention Groups (RRG) often offer claims-paid policies. Before buying or moving, make sure you know who’s covering you and whether it is a claims-paid or claims-made coverage form.
Let us put our years of experience to work for you in finding a price-competitive option that can help you avoid the Claims-Paid trap.