I had a past medical malpractice claim, must I keep my current malpractice insurance company?
In most cases, having one or two past claims will NOT disqualify you from getting quotes from alternative companies. Today, malpractice insurance companies are able to examine facts resulting in past claims and consider the doctors side of the story. Experienced malpractice insurance professionals who want your business can shop many companies not just one insurer.
If I switch medical malpractice insurers, will I have to pay a surcharge?
That depends on your record and the malpractice insurer's risk assessment. That's why it's important to get rates well before your renewal.
Is the lowest priced malpractice policy the best?
Not always. Low cost may actually a sign of desperate marketing, faulty pricing, weak financial structure, or inferior claims coverage.
How do I compare medical malpractice insurance?
That can be difficult, since there is no standardization in the malpractice insurance industry, and many companies are new and untested. Policy language varies widely. What is covered under one policy may not be covered by another company.
Switching from one company to another to capture a false savings can result in irreparable coverage gaps that can come back to haunt you in the event of a claim. Deal only with a proven, knowledgeable and experienced malpractice advisor who represents only your interests, not the company.
Should I just accept my medical malpractice insurer's annual rate increase? Every company will underwrite differently which means each company's rates would vary for different areas and specialties. Shop around at renewal time to see your available options. Some insurers are now offering
With medical malpractice caps being enacted in many states and discounts for staying claims free, it's wise to to shop malpractice insurance companies to see if there are better rates or coverage out there for you.
Will medical malpractice insurers defend frivolous claims the same?
That will depend on the legal costs and likelihood
of prevailing in court. Just because an action should be litigated, doesn't mean it can be fought economically.
What are three different types of medical malpractice insurance?
Occurrence Insurance is a type of policy in which the insured is covered for any claim that occurs while the policy is or was effective, regardless of when the incident is reported.
Claims filed coverage only protects against claims that occur and are reported only during the coverage period. Claims made coverage can have major cost saving advantages, but some high risk practices should not purchase claims only.
Tail only medical malpractice insurance is supplemental coverage that covers incidents that occurred during the "active" period of a claims-made policy but are not brought as claims against an insured, nor reported to the insurer, by the time the claims-made policy has been terminated. Tail coverage can only be purchased from your previous claims-made liability carrier. It does costs more, sometimes up to 250% of the previous year's premium.
Copyright © All rights reserved. Medical Malpractice Insurance MPMLC.com.