For psychologists enrolled in the Indiana Patient Compensation Fund:

If you’re providing psychological services in Indiana, you’re insured through a Trust Sponsored Professional Liability Insurance claims-made policy, and you’re planning to retire, please consider the following:

  • Prior to retirement, you should notify The Trust/TRMS of your anticipated retirement date and request your FREE Extended Reporting Period (ERP or “tail”) coverage.
  • If you’re enrolled in the Indiana Patient Compensation Fund (PFC), your tail will follow The Trust’s standard terms and conditions, but you must pay the state of Indiana a $100 minimum surcharge in order for the tail to provide any excess coverage.
  • If you’re moving out of state and will no longer be eligible for the PCF, you can still obtain tail coverage by notifying TRMS and purchasing an unlimited tail. In this case, the Fund’s surcharge would be equal to the amount of your tail purchase. For example, if your current Professional Liability Insurance premium is $1,000 and you opt to purchase a tail, the cost to you would be $1,750 (current premium multiplied by 1.75) plus the PCF surcharge of $1,750.
  • In the event that you don’t retire but discontinue coverage through The Trust Sponsored Professional Liability Program (if, for example, you become an employee and are insured under your employer’s policy), your employer or your employer’s insurer should enroll you in the PCF to ensure that you have no gaps in coverage.

Trust Risk Management Services can answer any questions you have regarding the Indiana PCF. Simply call us at 877-637-9700.