Malpractice Categories and Benefits
New to Practice Physicians
As a new-to-practice physician you have many decisions to make. This runs specifically true with regards to buying your medical professional liability policy. This coverage may be also generally known as medical malpractice insurance. Insurance coverages are also offered as a resident, intern, as well as fellow.
Special Discounts Available for New to Practice Doctors!
There is good news for you! The majority of malpractice insurance carriers offer new-to-practice discounts. These discount rates can be as significant as 50%.
Different Types of Polices
There are 2 standard forms of protection to choose from: claims-made and occurrence. The majority of insurance coverage written is on a claims made basis. Here is a simple outline for each types of insurance packages:
Claims-Made Coverage
Coverage that requires that a claim be made, as well as the insured party to submit the claim to the insurance company within the same policy period. This type of insurance is restricted to liability regarding those claims that arise from incidents or situations that take place and are reported to the insurance company while the insurance policy is in force. A claims-made policy is in force from the starting date of the 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 arising from incidents which happened during the policy period are not covered. Tail-coverage can be added to the insured party’s insurance policy to insure beyond the date of termination of the policy.
Occurrence Coverage
This insurance coverage is based on when the accident or injury actually takes place; thus claims due to accidents which occurred within the policy’s effective dates are covered through that insurance policy, no matter when the claim is actually made versus the Insured or provided to the insurance company.
Maturation Factors/Step Factors
If you have a claims made insurance plan, your premium will increase each year upon renewal for the initial 5-7 years. The first year premium is very reasonable, which is simply because of the fact that you do not have a retroactive medical patient load from which claims could arise. As each year moves on, the prospect of a claim from prior services carried out increases, therefore the actual premium increases. This will happen until the mature rate is reached.
Regarding occurrence policies, the rate starts with the mature rate on your very first day you purchase an insurance policy.
Individual Physician - Preferred Risk
Medical malpractice insurers may treat an applicant as a preferred risk if they meet some specific underwriting guidelines. The particular guidelines are generally dependant on the particular applicant's medical area of expertise, experience and also a favorable medical malpractice claims record. The distinction between a preferred and standard risk doctor, is that preferred risk physicians have got specified characteristics that position them within a special program sponsored by the insurance company.
Available categories of discounts may 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 the policy is 40%.
Individual Physician - Standard Risk
Applicants that do not qualify as preferred risks and are not classified as special risks will fit into a standard risk profile. The vast majority of applicants will fall into this group of insurance 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 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 Texas
As the health care industry’s highly regarded insurance broker, Madison has access to major insurance providers to make sure you are getting the very best medical malpractice insurance rate possible. With our proven track record in performance and customer relationships, you'll be able to put your mind at ease knowing that Madison will help you every step of the way and make certain you are receiving the best rates possible. As your medical malpractice insurance specialist, we evaluate your needs and offer you policies that will be individually tailored to suit those demands. Our company offers affordable rates and work hard to keep your medical malpractice insurance rates affordable. With Madison taking care of your insurance plan, you are able to focus on the thing you do best-providing exceptional patient care.
Madison Experience
We have worked with thousands of doctors and professional medical groups from all specialties. At Madison, we don’t “market” your risk, we come up with the most suitable solution and price to match your specific demands. Madison has got the experience to seek out advanced solutions to unique and complicated problems physicians and medical groups face in today’s complex atmosphere.
