The Standard | The Premier Publication for Medical Professionals Nationwide.

February 21, 2012
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Effects of Healthcare Reform on Medical Malpractice Insurance & Claims

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According to the Insurance Information Institute (2011), although “premiums are now stable and the frequency and severity of claims has moderated, some observers see the beginning of a reversal”.  A 2010 study by Conning notes that “medical malpractice profitability cycle has peaked…a number of factors will challenge insurers and possibly lead to higher losses over the next few years”.  These factors include: Outpacing other tort areas, costs to defend/settle medical malpractice cases are continually rising…

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February 02, 2012
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Florida Medical Malpractice Insurance Market Update

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Multiple events in 2011 have continued to lower Florida Medical Malpractice premiums. Carrier competition has created a Florida marketplace where the physicians can benefit from lower costs of professional liability coverage.  The following changes contributed to the rate decreases many physicians are now seeing in their practices: Medicus Insurance Company enters Florida Norcal Mutual acquires Medicus Insurance Company The Doctors Company acquires FPIC group Crum and Forster acquires Valiant Insurance Company Medicus Insurance Company receives…

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January 30, 2012
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New Jersey Medical Malpractice Insurance Market Softening

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New Jersey policyholders’ surplus increased $7.8 billion to $564.7 billion at March 31, 2011, from $556.9 billion at year-end 2010. Additions to surplus in first-quarter 2011 included insurers’ $7.8 billion in net income after taxes, $3.9 billion in unrealized capital gains on investments (not included in net income), $1.5 billion in new funds paid in (new capital raised by insurers), and $0.4 billion in miscellaneous additions to surplus, according to ISO, Inc. As a result,…

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January 16, 2012
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Cyber Liability Insurance Coverage

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Are your computer records and patient information protected?  A recent survey by research group Advisen found that despite increasing instances of cyber attacks, only about a third of companies that need cyber liability insurance coverage are protected.  Most companies need cyber insurance but don’t realize they don’t have it until after a lawsuit is filed and it’s too late.  It is estimated that more companies will purchase cyber liability policies in the near future due…

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January 06, 2012
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Florida Medical Malpractice Insurance Market Update – 2012

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The new year usually brings many changes in the medical malpractice insurance marketplace for physicians.  Many doctors have professional liability insurance policies that renew in January.  In the past, many companies have traditionally filed rate decreases in December that take effect for renewal business in the 1st quarter of the following year.  This year has been relatively quiet in regards to rate changes, but one company has filed to decrease rates for some specialties.  Physicians…

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January 04, 2012
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Georgia Medical Malpractice Insurance Market Update

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Georgia medical malpractice insurance premiums have been lowered due to multiple events that took place in 2011. Medical malpractice insurance carrier competition has created a Georgia marketplace where the physicians can benefit from lower costs of professional liability insurance coverage.  The following changes contributed to the rate decreases many physicians are now seeing in their practices: Medicus Insurance Company enters Georgia Mag Mutual announces $16.5 million dividend Norcal Mutual acquires Medicus Insurance Company The Doctors Company…

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December 28, 2011
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Risk Retention Groups and their impact in New York

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The State with the largest demand for medical malpractice insurance alternatives has been New York.  The New York medical malpractice insurance market has long been considered overburdened with high claims severity and overregulated by a Department of Insurance that has virtually taken control over the pricing of policies for traditional carriers. New York implemented a series of significant rate increases from 2003-2007 to correct artificially low rates and dwindling reserves from existing carriers.  However, in…

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December 20, 2011
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Save Money on Tail Coverage

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Physicians across the country are now able to secure affordable stand-alone tail coverage.  In an effort to contain the costs of tail coverage for physicians, Diederich has taken the steps necessary in order to be able to provide cost-effective stand-alone tail coverage for physicians. More frequent than ever, physicians have begun closing  their private practices to seek stability as an employed medical provider with a large integrated health system. Many medical experts consider this “an…

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December 14, 2011
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Moving from Private Practice to a Hospital or Regional Healthcare System

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Giving up or selling your private practice to a hospital or regional healthcare system can involve unexpected expense and exposure.  This alarming nationwide trend is luring private practice physicians with the expectation of a perceived safe-haven by being employed with an organization that “provides” the benefits of health and medical malpractice insurance, retirement benefits and an atmosphere free from the worries of employer related expenses, patient/government/insurance reimbursement collections and employee issues.  For some physicians, and…

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November 25, 2011
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What about physicians who are difficult to insure?

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I recently assisted a local OB/GYN with obtaining high quality, affordable medical malpractice insurance coverage with an “A-rated” carrier when she believed that no standard, admitted carrier would be willing to cover her. Until her one-and-only claim was settled for $750,000, this physician had been practicing obstetrics and gynecology for 20 years without ever having a malpractice insurance claim filed against her. In fact—her record was spotless for those 20 years. While she had done…

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