Colorado Medical Malpractice Insurance
In Colorado, there is a two year statue of limitations after the date the injury and its cause were known, in order for a claimant to file legal action. Damages for medical malpractice against a hospital or physician may not exceed $1,000,000 per patient. Non-economic damages are capped at $250,000. One stipulation that the courts have placed on the $250,000 cap is, if the court determines that future economic damages exceed this cap, it may award damages which exceed the cap.
Punitive damages are not to exceed the amount of actual damages awarded, however the court may increase the amount of punitive damages to three times the amount of actual damages if the defendant has been found at fault many times or has been found to be malicious.
Tips For Helping Protect Your Practice From Litigation: Medical Malpractice Insurance, also called Medical Professional Liability Insurance or MPL Insurance, is without a doubt important insurance coverage inside Colorado. Some Colorado medical doctors assume the moment they are insured, that may be everything they are able to do to safeguard themselves from a frivolous legal action, but that isn’t the truth! Here are some tips to assist you to safeguard your practice:
- Make sure to maintain accurate data of all your patients and the procedures performed. Accuracy and reliability or lack-there-of may be the difference in winning a malpractice lawsuit.
- Require signatures before any major procedure. By requiring signatures prior to any major procedure, you're taking a large step in ensuring that your practice is covered.
- Customer Service is crucial! A number of patients who initiate malpractice lawsuits do so because they had a poor experience during the course of their visit. By making sure the patient is correctly taken care of, in addition to making certain their visit is positive and professional, you might avoid a lawsuit.
Malpractice Categories and Benefits
New to Practice Physicians
Whenever you are a new-to-practice physician you have many decisions to come up with. This runs specifically true when you're thinking of selecting your medical professional liability policies. This coverage is also better-known as medical malpractice insurance. Insurance coverages are also offered as a resident, intern, or even fellow.
Rate Reductions Available for New to Practice Doctors!
There is good news for you! Many medical malpractice insurance firms offer new-to-practice deals. These discounts can be as significant as 50%.
Types of Polices
There are two standard categories of insurance coverage available for purchase. The majority of insurance coverage created is on a claims made basis. Directly below is a practical outline with regard to each forms of insurance coverage:
Claims-Made Coverage
Coverage which requires that a claim be made, and also for the insured party to report the claim to the insurance company in the same coverage period. This kind of insurance plan is limited to liability regarding those claims which take place from incidents or situations that come about and are reported to your insurance company policy is in force. A claims-made policy is in force from the starting date associated with the initial policy period (the retroactive date) and continues in force ranging from that particular date through each subsequent renewal. When a claims-made insurance policy is terminated, future claims arising from occurrences that took place during the policy period are not covered. Tail-coverage could also be included in the insured party’s policy in order to insure past the date of termination of said insurance policy
Occurrence Coverage
Provides protection based on when the actual accident or injury actually happens; therefore, claims as a result of accidents which occurred within the policy’s effective dates are generally covered in that policy, regardless of when the claim will be actually made towards the Covered or presented to the insurance company.
Maturation Factors/Step Factors
Any time you have a claims made insurance policy, your premium will increase annually immediately after policy renewal for the initial 5 -7 years. The first year premium is quite low, which is normally because of the fact that you don't maintain a retroactive patient load from which claims could arise. As each year advances, the prospect of a claim from prior services performed increases, consequently the premium increases. This takes place until the mature rate is reached.
With regard to occurrence policies, the rate commences with the mature rate on the first day you pay for insurance protection.
Individual Physician - Preferred Risk
Medical malpractice insurers will handle an applicant as a preferred risk when they meet particular underwriting guidelines. The guidelines will be determined by the particular applicant's medical discipline, experience along with a favorable medical malpractice claims history. The major difference between a preferred and standard risk physician, is that preferred risk doctors have got specified characteristics that place them within a special system backed by the insurance company.
Available types of discounts feature:
- 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 total annual discounts that can be applied to the policy is 40%.
Individual Physician - Standard Risk
Applicants that do not effectively qualify as preferred risks and are not accepted as special risks will fit into a standard risk profile. Almost all applicants will fall under this category of coverage.
Available types 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 minimize your cost.
The Madison Advantage in Colorado
As the healthcare industry’s top-quality insurance brokerage, Madison provides access to major insurance providers to ensure that you are getting the very best medical malpractice insurance rate possible. With our established track record in overall performance and customer relationships, you can put your mind at ease knowing that Madison will help you every step of the process and assure you get the very best rates possible. As your medical malpractice insurance specialist, we examine your requirements and provide policies that will be individually personalized to fit those requirements. We supply cost-effective prices and strive to keep your malpractice insurance rates low. With Madison taking care of your insurance plan, you'll be able to focus on what you do best-providing exceptional patient care.
Madison Experience
We have worked with thousands of physicians and medicalprofessional medical groups from all areas of expertise. At Madison, we don’t “market” your risk, we look for the ideal solution and price to match your unique needs. Madison comes with the experience to locate advanced strategies to unique and complicated situations physicians and medical groups encounter in today’s difficult environment.
