APMA News - September/October 2016 - 46

Coverage Corner Submitted by PICA When is Tail Coverage Necessary? PICA is often asked about tail coverage and when it is necessary to acquire. Claims-made policies provide malpractice coverage for incidents that occur during the policy period and are reported while the policy is still in force. If the policy has been terminated, there will be no coverage for a claim unless tail coverage is acquired. Tail coverage provides coverage for claims that occurred while a claims-made policy was in force, but that were first reported on or after the policy termination date. Even if you do not plan to cancel your existing policy, you may still need to discuss tail coverage if you experience one of these situations: Relocate to another state Merge your practice with another one Leave a group practice Gain employment with a VA or private-sector hospital Halt practice Retire * * * * * * 46 APMA News September/October 2016 Tail coverage provides coverage for claims that occurred while a claims-made policy was in force, but that were first reported on or after the policy termination date. no additional charge to policyholders upon permanent and total retirement after five consecutive years of coverage with PICA. PICA also offers tail coverage to policyholders at no additional cost when termination of coverage results from death or permanent and total disability. Tail coverage is a very important component of your professional liability coverage. It is imperative to discuss your options when you experience any changes in your practice. As you can see, there are many scenarios in which tail coverage is necessary. If you have a separate limit corporation policy, tail coverage would need to be purchased for the corporation as well. If you have any questions regarding your coverage, call your PICA account manager at 800-251-5727. n For more information, contact PICA Director of Risk Management Barbara Bellione, RN, CPHRM, ARM, at 800251-5727, ext. 2052, or bbellione@picagroup.com. This article is not intended to constitute legal advice or create an attorney-client relationship, but is intended for general information only. An attorney or other resource should be consulted regarding individual cases. Original graphic by Shutterstock/Dooder. When relocating to another state, you need to be aware that not all insurance companies provide coverage in every state. PICA offers coverage in 49 states, but you must call your PICA account manager to be sure you will be covered in your new state. If not, you may need to discuss tail coverage options if prior acts cannot be covered otherwise. If you plan to merge your private practice with another practice, the insurance company that insures the newly merged practice may offer prior-acts coverage. Therefore, you may not have to purchase tail coverage, but this topic does need to be discussed. Group practices may require podiatrists to purchase tail coverage when they leave the group. If you are joining a new group, you may be able to negotiate the purchase of tail coverage in your employment contract with the new group. However, if the policy covering your new practice includes prior-acts coverage, purchasing tail coverage is not necessary. Discuss this topic prior to employment, so you and your employer have a clear understanding and come to an agreement regarding tail coverage. The government provides its own insurance, so you will likely need to purchase a tail policy from PICA if you decide to work for a VA hospital. If you gain employment with a private-sector hospital, it may require you to purchase tail coverage to insure you for claims that may be reported from your prior work. Again, you may be able to negotiate the purchase of tail coverage in your employment contract with the hospital. Your new employer may allow you to continue your coverage with PICA, making the purchase of tail coverage unnecessary. Practicing podiatrists often decide to halt their practice to stay at home with children or for other personal reasons. If you decide to halt your practice, you will need to purchase tail coverage from PICA. However, if you are just taking a short leave, you may qualify for a leave of absence, subject to underwriting approval, and a discounted premium. When you retire, you need to have coverage for claims that may have occurred while you were practicing, but may not be reported until after retirement. PICA provides tail coverage at

Table of Contents for the Digital Edition of APMA News - September/October 2016

Contents
APMA News - September/October 2016 - Cover1
APMA News - September/October 2016 - Cover2
APMA News - September/October 2016 - 3
APMA News - September/October 2016 - 4
APMA News - September/October 2016 - 5
APMA News - September/October 2016 - 6
APMA News - September/October 2016 - 7
APMA News - September/October 2016 - Contents
APMA News - September/October 2016 - 9
APMA News - September/October 2016 - 10
APMA News - September/October 2016 - 11
APMA News - September/October 2016 - 12
APMA News - September/October 2016 - 13
APMA News - September/October 2016 - 14
APMA News - September/October 2016 - 15
APMA News - September/October 2016 - 16
APMA News - September/October 2016 - 17
APMA News - September/October 2016 - 18
APMA News - September/October 2016 - 19
APMA News - September/October 2016 - 20
APMA News - September/October 2016 - 21
APMA News - September/October 2016 - 22
APMA News - September/October 2016 - 23
APMA News - September/October 2016 - 24
APMA News - September/October 2016 - 25
APMA News - September/October 2016 - 26
APMA News - September/October 2016 - 27
APMA News - September/October 2016 - 28
APMA News - September/October 2016 - 29
APMA News - September/October 2016 - 30
APMA News - September/October 2016 - 31
APMA News - September/October 2016 - 32
APMA News - September/October 2016 - 33
APMA News - September/October 2016 - 34
APMA News - September/October 2016 - 35
APMA News - September/October 2016 - 36
APMA News - September/October 2016 - 37
APMA News - September/October 2016 - 38
APMA News - September/October 2016 - 39
APMA News - September/October 2016 - 40
APMA News - September/October 2016 - 41
APMA News - September/October 2016 - 42
APMA News - September/October 2016 - 43
APMA News - September/October 2016 - 44
APMA News - September/October 2016 - 45
APMA News - September/October 2016 - 46
APMA News - September/October 2016 - 47
APMA News - September/October 2016 - 48
APMA News - September/October 2016 - 49
APMA News - September/October 2016 - 50
APMA News - September/October 2016 - 51
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APMA News - September/October 2016 - 54
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APMA News - September/October 2016 - 56
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APMA News - September/October 2016 - 85
APMA News - September/October 2016 - 86
APMA News - September/October 2016 - Cover3
APMA News - September/October 2016 - Cover4
APMA News - September/October 2016 - S1
APMA News - September/October 2016 - S2
APMA News - September/October 2016 - S3
APMA News - September/October 2016 - S4
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