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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 Washington.

Malpractice Categories and Benefits

New to Practice Physicians
Anytime you become a new-to-practice physician there are many decisions to come up with. This is also true when you're thinking of deciding upon your medical professional liability protection. This insurance plan may be also described as medical malpractice insurance. Insurance coverages are offered also as a resident, intern, or even fellow.

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

Types of Polices
There's two standard kinds of insurance coverage existing. The majority of coverage created is usually on a claims made basis. Below is a straightforward summary regarding both categories of insurance coverage:

Claims-Made Coverage
Coverage that requires that a claim be made, as well as the insured party to document the claim to the insurance provider in the same policy period. This form of insurance is restricted to liability regarding those claims which take place from incidents or events that occur and also are reported to your insurance company insurance policy is in force. The claims-made insurance policy is in force from the starting date with the initial policy period (the retroactive date) and continues in force ranging from that date through each subsequent renewal. When a claims-made policy is terminated, future claims arising from occurrences that took place during the insurance policy period are not covered. Tail- coverage could also be added to the insured party’s insurance policy to insure past the date associated with termination of expressed policy

Occurrence Coverage
Gives protection structured on when the actual incident or injury actually happens; hence, claims as a result of injuries of which occurred within a policy’s effective dates are covered by the insurance policy, irrespective of whenever the claim is actually made in opposition to the Covered or introduced to the insurance carrier.

Maturation Factors/Step Factors
If you have a claims made insurance plan, your premium will increase yearly immediately after policy renewal for the initial 5-7 years. The first year premium is very low, which is due to the fact that you do not have a retroactive patient load from which claims could arise. As each year moves along, the prospect of a claim from prior services performed increases, therefore the actual premium will increase. This happens until the mature rate is reached.

With regard to occurrence insurance policies, the rate commences with the mature rate on the very first day you acquire an insurance policy.

Individual Physician - Preferred Risk
Medical malpractice insurers can handle an applicant as being a preferred risk in the event that they meet specific underwriting guidelines. The guidelines will be determined by the actual applicant's medical area of expertise, credentials including a favorable malpractice claims record. The major difference between the preferred and standard risk medical doctor, is usually that preferred risk physicians have got certain characteristics that place them within a special program sponsored by the insurance company.

Available varieties 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 the policy is 40%.

Individual Physician - Standard Risk
Applicants that do not qualify as preferred risks and are not regarded as special risks will fall into the standard risk profile. Nearly all applicants will belong to this class of 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 reduce your cost.