Cincinnati covers your professional liability on an occurrence basis versus claims-made coverage. If you are transitioning from a claims-made policy, Cincinnati can provide prior-acts coverage to give you continuous protection.
Choose a heading below for more information.
Occurrence coverage form
The occurrence coverage form includes many benefits.
- Unlimited time period to report claims - The occurrence policy pays for a covered professional incident that occurred during the policy period, regardless of when the claim is reported. By comparison, a claims-made policy covers only those claims reported during the policy period.
- Costs savings - You will not have to purchase Extended Report Period (ERP) coverage. Charges for ERP coverage are generally negotiated when a claims-made policy is terminating. The ERP is an important - and expensive - coverage option on a claims-made form. In certain situations, such as changing carriers or retiring from your practice, you have little choice but to purchase ERP coverage to avoid coverage gaps.
- Flexibility - If you choose to change insurers, going from one occurrence policy to another is easy to do. There are no hidden ERP premiums to pay and a prior acts or tail endorsement isn't necessary.
- Possibility of higher limits - Depending on when a claim occurs and when it is reported, you may have higher limits available with occurrence policies.
- Continuity of coverage terms and conditions - A claims-made policy is a 12-month contract that may change year to year, altering, reducing or deleting important coverage terms and conditions. These changes become retroactive all the way back to the first date you started on a claims-made policy, potentially reducing your coverage. With an occurrence policy, the coverage terms and conditions can never retroactively change, providing you additional peace of mind about the coverage you have today.
Separate limits of insurance
Cincinnati's professional liability insurance policy provides separate limits of liability coverage for each insured dentist, the corporation or partnership, legal entity and each hygienist and dental assistant, while working for an insured dentist. This is true even if a covered claim arises out of a single occurrence, naming each party in the suit.
Pure consent to settle clause (except Florida and Maryland)
Pure consent applies both to the named dentist and to the corporate/partnership entity. Cincinnati will not settle a professional liability claim without your consent. There are no repercussions against you for not giving your consent.
Option to purchase professional umbrella liability insurance protection
Consider increased limits of insurance to protect your dental practice and financial assets. The public often perceives dentists to have large financial assets, which can make you the target for high-priced law suits and judgments.