Retirement/Parental Leave

As one of the most comprehensive coverage available to psychology practitioners, the program provides full prior acts coverage (no retroactive date) and an unlimited extended reporting period option (full tail coverage). This provides members with the security and peace of mind that no potential gap in coverage might occur during retirement or parental leave.

Retirement (Extended Reporting Period Coverage)

The Professional liability insurance coverage is written on a “claims made” form. This means that a policy must be in place when an allegation is made, regardless of when the actual event took place. “Claims made” policies provide coverage as long as members continue to renew insurance each year. Members who do not renew coverage and continue to practice without insurance will not be covered for a claim made today for an incident that occurred in the past.

WHAT IF I RETIRE? In the event a member retires or discontinues practice and does not renew insurance coverage, the policy will cover claims after the coverage period for an additional 12 months.

An unlimited extended reporting period (tail coverage) option is now available for a one time fee of $150. This means a claim filed ten years from the period of retirement is fully covered under the policy.

To purchase the unlimited extended reporting period coverage, please contact BMS directly.


Parental leave

Good news! Your Psychology Practitioner Liability Insurance policy includes 12 months of Extended Reporting Period (ERP) coverage at no additional charge. Extending the reporting period of your policy means that you are securing insurance to respond to potential future professional liability claims arising from prior incidents and exposure that occurred during your past practice.

This means that if you are participating in the insurance program and have discontinued practice because of maternity or parental leave, you will remain protected for up to 12 months following the expiry of your policy. Note that you must renew your insurance and have an active policy in place before returning to practice.

Members planning to take parental leave are automatically provided with continuous coverage for claims that may arise while on leave (for up to a year). Coverage is provided for incidents that may have occurred while practicing. As a new enhancement to the program, coverage is automatically extended for one policy term at no cost. Before returning to practice insured members must re-instate coverage.