Dentists professional liability insurance coverage is offered on either a claims made or occurrence basis.
Occurrence coverage – covers claims arising from professional services rendered during the policy period regardless of when the claim is reported.
Claims made coverage – covers claims arising from professional services rendered while the policy is in effect which are first reported while the policy is in effect or during an extended reporting endorsement period.
ADDITIONAL CLAIMS MADE INFORMATION:
Optional Extended Reporting Endorsement Coverage, or Tail Coverage, is available to claims made policyholders to provide protection for covered claims which are first reported after “termination of coverage.” Tail coverage, valid for an unlimited time period, is available at the time of termination of coverage for reasons of cancellation or non-renewal.
The cost for Tail coverage is based on a percentage of the mature claims made rate(s) in effect at the time of cancellation or non-renewal. It takes into consideration adjustment for changes in classification, territory or limits during the coverage period.
The costs related to Tail Coverage will be waived for a named insured individual when termination of coverage is due to: (1) death, (2) permanent and total disability, or (3) permanent and total retirement from the practice of dentistry after attaining the age of 55 or older and being insured by a New York State-licensed insurer on a claims made basis for a minimum of 5 consecutive years.
PRIOR ACTS (NOSE) COVERAGE: AN ALTERNATIVE TO TAIL COVERAGE:
Qualified applicants presently covered on a claims made basis by a New York State-admitted carrier may avoid the expense of purchasing Tail Coverage from their prior insurer by securing Prior Acts (Nose) Coverage through MLMIC. In accordance with the terms and conditions of the MLMIC policy, Nose coverage provides protection for covered claims arising from professional services rendered during the coverage period with the prior insurer which are first reported after the inception of the MLMIC policy.
Unlike Tail Coverage, Prior Acts or Nose Coverage does not involve any direct additional cost, since the premium for nose coverage is included in the claims made rate level that reflects the total number of years for continuous claims made coverage. For example, if a dentist had a claims made policy in force for three complete years, his/her MLMIC policy would be written at the fourth year claims made rate.
Your prior years of coverage with a New York State licensed insurer will be credited toward the requirements for prepaid “Tail” coverage described in the previous section entitled “Waiver of Premium for Tail Coverage.”
“Defense Only” Coverage
MLMIC will provide to individual dentists, at no additional premium, payment up to $25,000 for the costs of defending: (1) an administrative action brought against a dentist by a governmental body, such as the Office of Professional Discipline (OPD) , arising out of allegations which could form the basis of a claim of legal liability under the policy and, (2) a governmental proceeding alleging Medicare/Medicaid fraud or abuse related to violation of Medicare or Medicaid guidelines arising out of filing an erroneous claim seeking payment for reimbursement. For an additional premium charge, limits of $100,000 are available to qualified dentist policyholders
The individual dentist policy issued by MLMIC affords coverage to a professional partnership, professional limited liability partnership, professional service corporation, or professional limited liability company named as a Qualified Professional Entity on a dentist’s policy, without an additional premium charge. The Qualified Professional Entity is not provided separate Limits of Liability. Rather, it shares the Limits of Liability with all other persons insured under that policy.
Separate limits of liability (up to $1,000,000 Each Person/ $3,000,000 Total) not shared with other insureds may be available to a named insured dentist’s professional partnership, professional limited liability partnership, professional service corporation, or professional limited liability company composed of two or more dentists (not available to a solo corporation) for an additional premium charge.
For inquiries regarding Entity Coverage, please contact MLMIC’s Dental Underwriting Department at 800-683-7769.
All provisions contained in the policy are subject to prior underwriting approval and may vary. Nothing contained in this website shall be construed as an offer of coverage or as an interpretation of the coverage contained in the policy, either in whole or in part. Actual coverage would be determined by, and is subject to, all the terms and conditions of the policy, endorsements, application, and any legitimate claim