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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 New Jersey.

Malpractice Categories and Savings

New to Practice Physicians
The moment you become a new-to-practice physician you have many decisions to make. This runs specifically true in the case of buying your medical professional liability insurance packages. This insurance plan often is also generally known as medical malpractice insurance. Coverages are also offered if you are a resident, intern, as well as fellow.

Rate Reductions Available for New to Practice Doctors!
There is excellent news for you! Most malpractice insurance firms offer new-to-practice fee reductions. These discounts is often as much as 50%.

Different Types of Polices
There's two standard categories of coverage available for purchase. Most insurance coverage written is on a claims made basis. Down below is a general summary regarding both varieties of insurance packages:

Claims-Made Insurance Plan
Insurance coverage that requires that a claim be made, and also for the insured party to report the actual claim to the insurance company in the same policy length. This kind of insurance plan is restricted to liability pertaining to those claims which arise from incidents or events that happen and are reported to the insurance company insurance policy is in force. A claims-made policy is in force from the starting date of the initial policy period (the retroactive date) and remains in force from that particular date through every subsequent renewal. Whenever a claims-made policy is terminated, future claims arising from occurrences that occurred during the policy period are not covered. Tail-coverage can be added onto the insured party’s policy to insure past the date of termination of expressed policy

Occurrence Coverage
Delivers insurance coverage based upon when the incident or injury actually takes place; thus, claims due to accidents that occurred within the policy’s effective dates are covered through the 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
If you have a claims made insurance policy, your premium will increase on an annual basis on plan renewal for the initial 5-7 years. The first year fees are quite low, which is simply due to the fact that you do not maintain a retroactive patient load from which claims could arise. As each year progresses, the prospect of a new claim from previous services conducted increases, therefore the premium also increases. This takes place up until the mature rate is reached.

With regard to occurrence policies, the rate starts with the mature rate on the first day you pay for insurance protection.

Individual Physician - Preferred Risk
Medical malpractice insurance providers can handle an applicant as a preferred risk if they meet specified underwriting guidelines. The particular guidelines are actually dependant on the actual applicant's medical specialization, credentials and a favorable malpractice claims history. The difference between a preferred and standard risk physician, is that preferred risk doctors have got specified characteristics which place them in a special system sponsored by the insurance company.

Available forms of discount rates 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 looked upon as special risks will fall into a standard risk profile. Nearly all applicants will fall into this type 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 reduce your cost.