Alabama Medical Malpractice Insurance
Alabama has traditionally had limited access to insurance carriers, but recently many carriers have lowered their rates and offered better discounts. Alabama is one state that has declared non-economic caps as unconstitutional. This places the decision in a jury’s hands when determining the amount granted to a plaintiff. Wrongful death cases are limited at $1,000,000. There is also a 2 year statute of limitations from the date of incident for a plaintiff to file a claim.
Tips to Help Avoid Litigation: Medical Malpractice Insurance, also called Medical Professional Liability Insurance or MPL Insurance, is undoubtedly extremely important insurance coverage within Alabama. Certain Alabama medical doctors believe that after they are covered, that is everything they are able to do in order to protect themselves from a frivolous lawsuit, but that isn’t the case! Consider the following for your practice:
- Make certain to maintain accurate details regarding all of your patients along with the types of procedures performed. Accuracy or lack-there-of may well be a factor in succeeding at any malpractice lawsuit.
- Require signatures in advance of any major procedure. By simply requiring signatures ahead of any major procedure, you're taking a major step in ensuring that your practice is safeguarded.
- Customer Service is key! A number of patients that file malpractice lawsuits do so simply because they endured a poor experience during the course of their treatment. By simply making sure the patient is appropriately cared for, in addition to ensuring their visit is positive and professional, you can potentially keep clear of a lawsuit.
Malpractice Categories and Financial Savings
New to Practice Physicians
If you become a new-to-practice physician there are many decisions to come up with. This runs specifically true when you're thinking of purchasing your medical professional liability policies. This insurance plan may be also generally known as medical malpractice insurance. Insurance coverages are also available as a resident, intern, or even fellow.
Discounted Rates Available for New to Practice Doctors!
There is good news for you! Many malpractice insurance companies offer new-to-practice fee reductions. These special discounts can be as significant as 50%.
Varieties of Polices
There's two standard forms of coverage readily available. Most insurance coverage created is actually on a claims made basis. Listed below is a straightforward outline with regard to the two forms of insurance packages:
Claims-Made Insurance Plan
Coverage which requires that a claim be made, as well as the insured party to document the claim to the insurer in the same policy period. This type of insurance plan is limited to liability with regard to those claims that surface from incidents or situations that occur and are reported to the insurance company insurance policy is within force. The claims-made insurance policy is in force from the starting date with the preliminary policy period (the retroactive date) and continues in force between that date through every subsequent renewal. When a claims-made insurance policy is terminated, future claims arising from happenings which occurred during the insurance policy period are not covered. Tail-coverage may be included in the insured party’s insurance policy to insure beyond the date associated with termination of expressed insurance policy
Occurrence Coverage
Delivers insurance coverage centered upon when the actual incident or injury actually occurs; therefore, claims due to accidents which occurred within a policy’s effective dates are generally covered by that insurance policy, no matter whenever the claim will be actually made in opposition to the Covered or introduced to the insurance company.
Maturation Factors/Step Factors
Whenever you have a claims made insurance policy, your premium will increase on an annual basis on coverage renewal for the initial 5-7 years. The initial year fees are quite low, which is due to the fact that you don't maintain a retroactive medical patient load from which claims could arise. As each year moves along, the prospect of a new claim from past years services performed increases, therefore the premium will increase. Such things happen up until the mature rate is reached.
Regarding occurrence policies, the rate starts with the mature rate in the first day you pay for insurance protection.
Individual Physician - Preferred Risk
Medical malpractice insurers will handle an applicant to be a preferred risk when they meet some specific underwriting guidelines. The particular guidelines will be based upon the particular applicant's medical specialization, credentials in addition to a favorable medical malpractice claims history. The major difference between the preferred and standard risk doctor, is that preferred risk doctors have got certain characteristics that position them within a special program backed by the insurance company.
Obtainable types of discount rates can include:
- Part-time Physician
- Medical Society Membership
- Claims-Free Discount
- Risk Management Course Participation
- Practice Profile
- Qualification
- Employee Credentials
- Education and Training
- Patient Load
- Reduction of particular procedures normally performed by doctors of your specialty
The maximum amount of yearly discounts that can be applied to your policy is 40%.
Individual Physician - Standard Risk
Applicants that don't qualify as preferred risks and are not looked upon as special risks will fall into the standard risk profile. The vast majority of applicants will belong to this type of insurance coverage.
Available forms of discounts include:
- Part-time Physician
- Medical Society Membership
- Claims-Free Discount
- Risk Management Course Participation
- Practice Profile
- Qualification
- Employee Credentials
- Education and Training
- Patient Load
- Reduction of particular procedures normally performed by doctors of your specialty
The maximum amount of annual discounts that can be applied to your policy is 40%.
Individual Physician - Special Risk
Applicants that are engaged in a unique type of medical practice, or have a history of claims, whether at fault or not, or have been canceled or declined by other medical malpractice insurers or otherwise do not meet the underwriting criteria for preferred or standard risks are considered special risks.
Madison is known for our ability to help find coverage for “hard to place” physicians and facilities that have adverse claims history, have been canceled or non-renewed and do not qualify for the Standard or Preferred marketplace.
Medical Groups
Madison has the experience working with medical groups of all sizes. Even with different claims history for physicians within the group Madison can help create solutions to limit your cost.
California Madison Advantage
As the healthcare industry’s premier insurance brokerage, Madison has access to major insurance providers to make sure you are getting the best medical malpractice insurance rate possible. With our proven track record in performance and client relationships, you can put your mind at ease knowing that Madison will help you every step of the way and make sure you are getting the best rates possible. As your medical malpractice insurance broker, we assess your needs and offer policies that are individually tailored to fit those needs. We provide affordable rates and strive to keep your malpractice insurance premiums low. With Madison managing your insurance program, you can focus on what you do best—providing outstanding patient care.
Madison Experience
We have worked with thousands of physicians and medical groups from all specialties. At Madison, we don’t “market” your risk, we find the best solution and price to fit your particular needs. Madison has the experience to find innovative solutions to unique and complex problems physicians and medical groups face in today’s difficult environment.
