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© 2013 Madison Healthcare Insurance Services. All Rights Reserved. License #0D44439

Madison Healthcare Insurance Services is a medical malpractice insurance brokerage specializing in helping doctors and health care providers obtain medical malpractice insurance, medical professional liability insurance, and other lines of insurance in Illinois.

Malpractice Categories and Cost Savings

New to Practice Physicians
Once you are a new-to-practice physician there are many choices to make. This is especially true when you're thinking of choosing your medical professional liability insurance plans. This insurance coverage often is also known as medical malpractice insurance. Coverages are also available as a resident, intern, or even fellow.

Discounted Rates Available for New to Practice Doctors!
There is fantastic news for you! Many medical malpractice insurance providers offer new-to-practice price reductions. These discount rates is often as significant as 50%.

Varieties of Polices
There are 2 standard kinds of coverage available for purchase. The majority of coverage written can be on a claims made basis. Below is a straightforward outline regarding each form of insurance coverage:

Claims-Made Insurance Plan
Insurance coverage that requires that a claim be made, as well as the insured party to report the claim to the insurance provider during the same policy period. This form of insurance plan is limited to liability regarding those claims which arise from incidents or events that happen and also are reported to your insurance company while your policy is in force. A claims-made insurance policy is in force from the starting date of the initial policy period (the retroactive date) and continues in force ranging from that date through each subsequent renewal. Whenever a claims-made policy is terminated, future claims arising from happenings that transpired during the policy period are not covered. Tail-coverage can be added onto the insured party’s policy in order to insure past the date associated with termination of expressed policy

Occurrence Coverage
Gives insurance coverage centered on when the incident or injury actually occurs; hence, claims arising from injuries of which occurred within the policy’s effective dates are generally covered in the policy, no matter when the claim will be actually made opposing the Covered or presented to the insurance company.

Maturation Factors/Step Factors
Any time you have a claims made insurance plan, your premium will increase annually on coverage renewal for the initial 5-7 years. The first year premium is very reasonable, which often is because of the fact that you don't maintain a retroactive medical patient load from which claims could arise. As each year advances, the likelihood of a new claim coming from previous services carried out increases, consequently the actual premium will increase. This takes place up until the mature rate is reached.

With regard to occurrence insurance policies, the rate starts with the mature rate on your very first day you pay for an insurance policy.

Individual Physician - Preferred Risk
Medical malpractice insurance providers will treat an applicant as being a preferred risk if they meet some specific underwriting guidelines. The guidelines are actually based on the particular applicant's medical specialty, credentials and also a favorable medical malpractice claims history. The main difference between the preferred and standard risk physician, is the fact that preferred risk doctors have certain characteristics that position them within a special program sponsored by the insurance company.

Obtainable categories of discount rates 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 - Standard Risk
Applicants that do not effectively qualify as preferred risks and are not accepted as special risks will fall into the standard risk profile. Almost all applicants will fall under 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.