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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 Massachusetts.

Malpractice Categories and Cost Savings

New to Practice Physicians
Whenever you are a new-to-practice physician you have many decisions to come up with. This is also true in relation to seeking out your medical professional liability insurance plans. This insurance coverage is also often known as medical malpractice insurance. Coverages are also available when you are a resident, intern, or fellow.

Special Discounts Available for New to Practice Doctors!
There is fantastic news for you! Many malpractice insurance providers offer new-to-practice special discounts. These discounts is often as significant as 50%.

Varieties of Polices
There are two standard forms of coverage to choose from. The majority of insurance coverage written is actually on a claims made basis. Down below is a basic outline regarding both varieties of insurance packages:

Claims-Made Coverage
Coverage which requires that a claim be made, and also for the insured party to report the actual claim to the insurer during the same coverage length. This kind of insurance is limited to liability pertaining to those claims that take place from incidents or events that occur and are reported to your insurance company policy is in force. A claims-made insurance policy is in force from the starting date associated with the preliminary policy period (the retroactive date) and remains in force from that date through each subsequent renewal. Whenever a claims-made policy is terminated, future claims as a result of incidents which happened during the policy period are not covered. Tail-coverage may be added to the insured party’s insurance policy to insure beyond the date of termination of said insurance policy

Occurrence Coverage
Gives protection based on when the accident or injury actually takes place; hence, claims due to injuries that occurred within a policy’s effective dates are covered in that policy, no matter whenever the claim is actually made opposing the Insured or presented to the insurance company.

Maturation Factors/Step Factors
When you have a claims made policy, your premium will increase per annum immediately after policy renewal for the initial 5-7 years. The first year premium is very reasonable, which is generally because of the fact that you don't maintain a retroactive medical patient load from which claims could arise. As each year moves on, the prospect of a claim coming from prior services carried out increases, consequently the premium will increase. This happens up until the mature rate is reached.

For occurrence policies, the rate commences with the mature rate on the first day you purchase insurance.

Individual Physician - Preferred Risk
Medical malpractice insurance companies can handle an applicant as a preferred risk in the event that they meet specified underwriting guidelines. The guidelines usually are determined by the applicant's medical specialization, experience including a favorable medical malpractice claims history. The main difference between the preferred and standard risk physician, is that often preferred risk physicians have got specified characteristics of which place them in a special system backed by the insurer.

Available forms of discount rates consist of:

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 your policy is 40%.

Individual Physician - Standard Risk
Applicants who don't qualify as preferred risks and are not viewed as special risks will fall into a standard risk profile. Most applicants will fit in this class 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 contrasting claims history for physicians within the group Madison can help create solutions to limit your cost.