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Professional
liability ("malpractice") insurance for physicians and
surgeons (both MD's and DO's) has customarily been written on either
a claims-made or occurrence basis, with basic liability limits of $1
Million per incident, with a $3 Million policy aggregate.
Excess limits are generally available, either on an individual basis
or through a healthcare facility, such as a hospital.
Underwriting
is based upon a number of different factors, and each insurance
company has their own set of criteria:
 | NATURE
OF PRACTICE:
Obviously, some medical specialties carry a far greater
litigation risk, and are thus going to be priced significantly
higher than others. For instance, a general practitioner
is going to pay a far lower premium than a general surgeon, who
in turn is going to pay a lower premium than, say, a
neuro-surgeon. Premium costs aside, certain insurance
companies are simply more comfortable with certain practice profiles
than others. |
| LOCATION:
Where a physician practices can have a significant impact on
his/her premium. Underwriters are keenly aware that courts
and juries in different jurisdictions often come up with vastly
different verdicts. For instance, in my home state of New
York, doctors who practice in Nassau or Suffolk Counties will
pay a higher premium than, say, one who practices in Manhattan
(New York County) or Queens County. Upstate practitioners
will pay even less. |
| BOARD
CERTIFICATION: Most
underwriters like to see that a physician has achieved board
certification in his or her specialty. The higher the risk
profile of the specialty, the more important that this
becomes. While there are a number of organizations
conferring post-graduate certifications, it is most common for
underwriters to look to the American Board of Medical
Specialties. |
| FULL
TIME / PART TIME: How
many hours a physician practices each week is also a factor in
pricing the policy. Generally, 20 or more hours per week
is considered "full time" and under 20 hours is
considered "part time." |
| TEACHING
CREDITS:
Some
insurance carriers provide discounts to physicians who spend a
significant portion of their time teaching. |
| CONTINUING
EDUCATION: While
the requirements vary from state to state, most insurers provide
discounts to physicians who attend certain continuing education
or loss control courses. Many insurance companies sponsor
these courses for their policyholders. |
| CONSENT
TO SETTLE CLAUSES:
Insurance companies will sometimes offer discounts to physicians
who agree to allow the insurer to decide when and if to settle
claims. It is my experience, however, that most doctors
prefer to maintain their right to consent to a settlement. |
| CLAIMS
FREE DISCOUNTS:
A
number of carriers offer a discount to those physicians who have
been without claims for, say, five years or more. |
| RECENT
GRADUATE / NEW PRACTITIONER:
Most
insurance companies offer substantial discounts to physicians
who are just beginning their practice. These discounts are
usually graded, and disappear after 2 or 3 years. |
| CLAIMS
HISTORY: Obviously,
this is a critical factor. While every underwriter
appreciates the fact that in the increasingly litigious
environment in the United States, many doctors have had some
degree of claims experience, an underwriter will look carefully
at the twin issues of "frequency" and
"severity." Depending upon the physician's
specialty, it might be expected that there will be a
"frequency" issue, though most actions should
ultimately be either dismissed without payment or settled for
nominal amounts. On the other hand, a
"frequency" issue might also serve as a "red
flag" to an underwriter. "Severe" claims
are looked at very carefully, and are often analyzed by the
underwriter's own claims department before a decision is
made. For a more in-depth discussion of non-standard
medical malpractice insurance for "hard-to-place"
professionals, please click here 
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Without a
doubt, the subject of professional liability insurance for
physicians and surgeons is complex. The "best"
policy for you, may not be the "best" policy for the
doctor down the hall!
I
would be happy to discuss your particular situation in greater
detail. You can click here
and complete a brief inquiry form, which will allow me to get
back to you. Or, if you would prefer to, give me a call at 877-320-4061.
This number is available 24-hours a day, and it will automatically
try to find me, and will connect you to me if I am available. If I
cannot take your call, you will have an opportunity to leave a
private voicemail message, and will get back to you promptly. Of
course, I can always be reached via e-mail at, insurance@insurance4docs.com.
Thank
you for your time . . . I look forward to speaking with you.
Bruce
R. Swicker
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