Malpractice Categories and Savings
New to Practice Physicians
Once you are a new-to-practice physician you have many decisions to make. This is especially true when considering acquiring your medical professional liability protection. This coverage is likewise described as medical malpractice insurance. Insurance coverages are also available if you are a resident, intern, or even fellow.
Price Reductions Available for New to Practice Doctors!
There is very good news for you! Most malpractice insurance firms offer new-to-practice price reductions. These discount rates is often as much as 50%.
Variations of Polices
There are two standard forms of protection available in the market. The majority of coverage written is usually on a claims made basis. Down below is a general summary for both varieties of insurance coverage:
Claims-Made Coverage
Insurance coverage that requires that a claim be made, as well as the insured party to report the actual claim to the insurer in the same coverage length. This kind of insurance is limited to liability regarding those claims that surface from incidents or events that happen and also are reported to the insurance company policy is within force. The claims-made insurance policy is in force from the starting date of the initial policy period (the retroactive date) and continues in force from that date through every subsequent renewal. Whenever a claims-made insurance policy is terminated, future claims as a result of situations which happened during the insurance policy period are not covered. Tail-coverage could also be added onto the insured party’s policy to insure beyond the date of termination of said insurance policy
Occurrence Coverage
Gives protection based on when the actual accident or injury actually transpires; thus, claims due to accidents that occurred within a policy’s effective dates are covered by that policy, no matter whenever the claim is actually made towards the Covered or introduced to the insurance provider.
Maturation Factors/Step Factors
Any time you have a claims made policy, your premium will increase per annum immediately after coverage renewal for the first 5-7 years. The first year fees are very low, which is normally due to the fact that you don't maintain a retroactive patient load from which claims could arise. As each year moves along, the likelihood of a new claim coming from past services performed increases, therefore the premium also increases. This happens up until the mature rate is reached.
With regard to occurrence policies, the rate starts with the mature rate in the very first day you pay for insurance protection.
Individual Physician - Preferred Risk
Medical malpractice insurers may treat an applicant as a preferred risk in the event that they meet specific underwriting guidelines. The guidelines will be based on the applicant's medical specialty, credentials including a favorable medical malpractice claims record. The distinction between a preferred and standard risk doctor, is usually that preferred risk doctors have specified characteristics which place them within a special program sponsored by the actual insurance company.
Obtainable categories 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 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 looked upon as special risks will fit into a standard risk profile. The majority of 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 contrasting claims history for physicians within the group Madison can help create solutions to limit your cost.
The Madison Advantage in South Carolina
As the health care industry’s top-quality insurance broker, Madison features access to major insurance coverage providers to ensure that you are receiving the most beneficial medical malpractice insurance policy rate possible. With our proven track record in overall performance and customer relationships, you can put your mind at ease knowing that Madison will help you every single step of the process and assure you're getting the best rates possible. As your medical malpractice insurance broker, we review your requirements and provide policies that will be individually customized to fit those demands. We present affordable prices and work to keep your malpractice insurance premiums affordable. With Madison maintaining your insurance plan, you can focus on the thing you do best-providing top-notch patient care.
Madison Experience
We have worked with thousands of physicians and medicalprofessional medical groups of all specialties. At Madison, we don’t “market” your risk, we come up with the most efficient solution and value to fit your specific needs. Madison comes with the experience in finding innovative answers to unique and complex challenges medical doctors and medical groups face in today’s demanding environment.
