Rates (Claims-Made vs. Occurrence)

The Trust knows not everyone's situation is the same – we're psychologists too, so we understand the challenges you face. This first-hand experience allows us to design insurance programs that not only address the unique needs of psychologists, but also provide affordable options throughout every stage in one's career - from student, to mid-career practitioner, and beyond.

Only The Trust offers the choice of claims-made or occurrence coverage. This gives you the option of deciding what type of policy best fits your needs – something no other provider can say. Securing the proper professional liability (malpractice) protection is an essential business decision and it's important to determine what type of policy is right for you and your career.

What type of professional liability insurance policy should you buy? Read on to learn more about each.

Claims-Made Coverage

A claims-made policy covers you for claims that are made while the policy is active. When you start a claims-made policy, the original inception date, known as the retroactive date, becomes a permanent part of the claims-made policy.

The renewed policy covers claims that come in during the policy year for incidents that occurred on or after the retroactive date. As long as a claims-made policy is renewed, you will be protected for incidents that happen between the retroactive date and the policy expiration date. Claims filed after your coverage ends may be covered by purchasing an Extended Reporting Period (also referred to as an ERP or “tail”).

Claims-made policy premiums are initially a lot less expensive than occurrence policies. The Trust’s Professional Liability policy rate continues to gradually increase over the next 7 years. At that point, the premium stabilizes. Other provider’s rates level off at 5 years, making ours the wise financial choice.

The Trust also offers a complimentary, unrestricted tail upon retirement, death or disability. This additional coverage normally costs 175% of your last year’s premium. We are the only provider to offer this critical coverage for free with every claims-made policy. Another benefit is that changes to your current coverage, or changes to the policy limits, apply to past years as well.

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Occurrence Coverage

An occurrence policy provides coverage for incidents that happened during the policy year, regardless of when the claim is reported to the carrier. It does not matter if the policy is active when the claim is reported, it only matters that the policy was active when the alleged incident occurred.

From a pricing standpoint, occurrence policies are more expensive because they provide coverage for incidents that occurred during the policy year. The occurrence policy also provides a separate limit for each year protection is purchased and has the advantage of permanency. You don’t have to renew the policy to maintain coverage for a year you were insured.

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