5 things resident physicians need to know about tail insurance

In the busy transition to practice, the intricacies of insurance coverage may be far from a resident’s mind. But one type of medical liability insurance—often called medical malpractice or med-mal insurance—could determine a young physician’s financial future and hinder their ability to change jobs for years.

“Tail insurance” is the stopgap insurance physicians need once they are no longer enrolled in an employer’s claims-made medical liability insurance policy, a group that includes residents transitioning out of coverage provided through their training program. 

“Residents and fellows, they have so much on their plate,” said Chris Albano, the national account manager at the AMA Insurance Agency Inc., an AMA subsidiary. “They know that they need medical malpractice insurance, but they don't really know what specific coverage is.”

In this news story, experts detail five key things residents and fellows should know about tail insurance in the transition to practice, including:

• The different types of coverage and where they’re typically available.
• The risks physicians face if their contracts include tail coverage.
• How to ensure your medical professional liability insurer is financially stable.