This question—asked frequently by retiring dentists—can be a source of confusion.
There are two main scenarios:
1. You retire and surrender your licence.
When you officially surrender your licence, you also need to notify CDSPI.
a. With CDSPI Malpractice Insurance your malpractice coverage changes from ‘active’ to ‘non-practising’ status. You will continue to be protected against potential claims from incidents that occurred while you were practising. The coverage even protects your estate should a claim be resolved after you die.
b. With CDSPI Ontario Excess Malpractice Insurance you will enter an Extended Reporting Period where you will still be covered for five years.
In both cases, you will pay no premium for this coverage, and your coverage limits and deductible will be the same as prior to surrendering your licence.
2. You retire but maintain your licence.
In this case, you still need to purchase malpractice insurance for as long as you hold your licence, even if you are not practising.
One less thing to worry about in retirement!