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Medical Malpractice Insurance Archives - Diederich Healthcare

July 12, 2018
3

New Admitted Carrier Offering Malpractice Insurance Coverage in New York

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The Doctors Company (TDC), the largest physician-owned malpractice insurance carrier, was approved to start offering coverage on an admitted basis to New York physicians and healthcare providers. This is an encouraging development for New York physicians, who traditionally have had only a few admitted carriers available in the state to choose from. Because of the lack of admitted options, recently many New York physicians and practices have considered coverage with Risk Retention Groups (RRG). This…

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February 27, 2017
11

2017 Medical Malpractice Payout Analysis

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As a service to our clients and all physicians nation-wide, Diederich Healthcare has done an analysis of the medical malpractice payouts in 2016 as recorded by the National Practitioner Data Bank. Taking the data from the NPDB’s records, statistics were selected that will be both interesting and timely to doctors and all other medical professionals. 2016 marked the first time that malpractice payout amounts declined since 2012, ending a three-year climb. Diederich Healthcare is a medical…

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April 18, 2016
6

2016 Medical Malpractice Payout Analysis

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As a service to our clients and all physicians nation-wide, Diederich Healthcare has done an analysis of the medical malpractice payouts in 2015 as recorded by the National Practitioner Data Bank. Taking the data from the NPDB’s records, statistics were selected that will be both interesting and timely to doctors and all other medical professionals. 2015 marked the third consecutive year that malpractice payout amounts rose, continuing the trend of increasing payout amounts. Diederich Healthcare is a…

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February 26, 2016
2

Doctors changing jobs – know your malpractice insurance options

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Whether it’s a change in employment, a move to a new state, or the sale of your practice, almost every doctor will someday need to evaluate malpractice insurance options.  When these times are upon you, you may feel overwhelmed with making decisions in a time crunch.  You still have patients to care for, a life outside of medicine, and now you need to solve your malpractice insurance problem.  Fortunately, you are not alone.  Read on…

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February 23, 2016
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5 Primary Factors that affect a Physician’s Malpractice Insurance Premium

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Location- location, location, location, is what you think of regarding real estate prices. Did you know that location is also one of the primary factors in how much a physician pays in premium for malpractice insurance coverage? Because each State has their own unique laws regarding tort liability, premiums can vary greatly depending on the State and/or County you practice in.  States that have passed meaningful Tort reform, such as California and Texas, have experienced…

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February 18, 2016
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Why do malpractice insurance costs differ between insurance companies?

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On a daily basis, I receive inquires from physicians requesting quotes for their Professional Liability Insurance (malpractice).  I am often asked, “Why is it that some malpractice insurance companies charge a premium that can be 25%-30% lower than my current policy?”.  The assumption is that because some companies offer a more attractive premium, that the coverage is not as adequate or doesn’t provide the same benefits.  However, this is usually not the case. In a…

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February 15, 2016
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Medical Malpractice Insurance Market Conditions: Florida

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The Medical Malpractice Insurance Market has changed drastically in the state of Florida. Over the last few years, the following changes have created the landscape we see today: Florida’s largest Medical Malpractice Insurer, First Professionals Insurance Company is acquired by The Doctors Company. Medicus Insurance Company enters the Florida market Florida Doctors Insurance Company changes their name to FD insurance to expand into Georgia Medicus Insurance Company is acquired Norcal Mutual Insurance Company FD Insurance…

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January 27, 2016
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What to Consider When Adding a Physician to Your Practice

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Almost every month, I receive an email or call from a client that would like to inform me that their practice is growing. Their next question is almost always, “What do we need to do to add a physician to our policy?” Items to consider: Is your practice going to provide prior acts coverage? If your practice is going to match the new physician’s retroactive date, you are inheriting the risk of claim for this…

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January 21, 2016
1

The Ins-and-Outs of your professional liability insurance policy

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The information on your policy declarations page and certificate of insurance are the factors that determine who coverage is provided to, how much coverage is allotted and how far back it will extend into your prior acts period. You will see various sections on your certificate of insurance (COI) including:  Producer (your agent), Insurer (insurance company providing coverage), Insured (you), Type of coverage (professional liability should be marked at the bottom), and description of coverage…

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January 18, 2016
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More Tail Malpractice Insurance Options Now Available

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Over the last several years, the need for tail malpractice insurance options has increased dramatically.   Even now, many physicians are unaware of how tail for your malpractice insurance policy works.  By obtaining tail coverage or sometimes called an extended reporting endorsement, you are able to report claims to the insurance carrier even after the underlying policy has been cancelled.  However, tail can be very expensive – usually twice your expiring premium with the incumbent carrier. …

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