Claims-Made Step Factors: Why are my malpractice premiums INCREASING?!

When it comes to Claims-Made malpractice insurance, there are some nuisances with this policy type that can make it a bit more complicated to understand. One of the most distinctive characteristics of this type of coverage is how it starts at a low premium and then increases in price every year for 5 years. And if you weren’t made aware of this when you first BOUGHT the policy, it can be incredibly frustrating to see your rate go up year over year.
But, why does it do that? And what can you do to make sure you don’t get caught off guard with this in your policy? Well, today we’re going to talk all about Claims-Made step factors… what they are, how the underwriter prices them, and how you can be one step ahead when it comes to your malpractice coverage.
📱Related Episodes: Understanding Occurrence vs. Claims Made • Claims-Made vs. Occurr...
1:18 Understanding Claims-Made Coverage
5:32 Step Factors
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