Medical Malpractice Discounts – Are you maximizing yours?

Medical Malpractice Insurance can be confusing and tedious if you are not aware of what you need in order to receive an accurate quote. Wither you are just starting out or you have had malpractice insurance for many years and are looking for the most cost effective and best insurance for you and your practice. When looking for a new insurance carrier, at a minimum, you should understand the insurance coverage you have, what happens if a suit is filed, and what happens if you leave the group. This will also help you in understanding what the insurance carrier requires from you in order to receive the accurate quote that you are requesting.

First, the insurance carrier will need a copy of your current/expiring declaration page. The declaration page provides the Underwriting department the information on the current policy that will insure that they are quoting comparable coverage. The Underwriters look for state, city and county these three items can affect the rate applied. They also look for specialty and if the doctor is part-time or full-time. They look for additional insured(s) as well as if the doctor requires Entity coverage. If the pricing is the target, the underwriters’ look for the current premium cost and they try to apply the maximum allowable discounts.

Second, the insurance carrier will require a completed application. The application may be a tedious task but, this must be completed in order for the quote to remain accurate and for the underwriters to confirm that the coverage they are quoting matches the current coverage.

Third, the insurance carrier will request an up to date loss run report. If the doctor moved insurance carriers numerous times within the10 year span or had claims filed in the 10 year span the underwriters will request a 10 year loss run report from each carrier within that 10 year window. The broker can assist with this by having the doctor sign an Authorization to Release form and can submit to the carriers on behalf of the doctor.

By providing these documents to the underwriters and insurance carrier(s), the doctor will insure that they are receiving accurate quote (s). Also, if they are shopping the insurance this will insure that they will have comparable accurate quotes for coverage comparison.