Mark W. Ledger
1. I’ve had a past claim so am I stuck with my present malpractice insurance company? If I make a switch will I have trouble getting future insurance or end up paying a surcharge?
In most cases, having one or two past claims will NOT disqualify you from getting quotes from alternative companies. Today, malpractice insurance companies are much more informed and willing to consider the medical facts surrounding past claims. With the expert guidance of an experienced malpractice insurance professional it is possible to document past claim events so that your side of the story is taken into consideration. Having an experienced malpractice insurance professional who will represent your interest with many companies is much more secure than going it alone, or engaging in a dialogue with only one company.
2. Is occurrence coverage always better than the claims made form of coverage?
Occurrence and claims made are two very different ways to structure the purchase of your malpractice insurance. Choosing the wrong form of coverage is a mistake that is often made with disastrous results. One form is not better than the other – they are just different. Just like there are different ways to finance the purchase of real estate, one has a fixed cost while the other has a variable rate. Determining the right one for your practice is the key. There is no one single right choice that will fit all physicians and providers. Generally occurrence is more expensive. Claims made coverage can have major cost saving advantages, but should never be purchased by physicians whose practice profile falls into one of four key areas.
Request your free no-obligation malpractice quote and get factual expert advice on when it’s best to buy occurrence and when it’s best to take the claims made coverage form.
Note: You can choose to have your rate indication emailed directly to you.
3. Should I always choose the lowest price when purchasing malpractice insurance?
There is absolutely no standardization within the malpractice insurance industry so buying the right malpractice insurance requires the expert advice of a knowledgeable malpractice professional. All companies claim to be the best but many companies are new and make untested promises. Having the lowest price may actually be a sign of desperate marketing, weak financial structure, or inferior coverage. Policy language varies widely. What is covered under one policy may not be covered by another company. A prime example is the coverage, or lack of coverage, for clinical trials.
Switching from one company to another to capture a false savings can result in irreparable coverage gaps that can come back to haunt you in the event of a claim. Deal only with a proven, knowledgeable and experienced malpractice advisor who represents only your interests, not the company.
4. Am I at the mercy of the insurance companies and their annual rate increases or do I have a choice?
Every company will underwrite differently which means each company’s rates would vary for the various specialties. Therefore, it makes good business sense to remarket your insurance at renewal to see the available options.
With tort reform changes in many states as well as options like Claims Free Discounts offered by some malpractice insurance companies it’s important to shop around to see if there is a better rate or better plan available to you.
5. Do all companies defend claims with the same manner of expertise?
Financial health is, by far, the single most important criteria when choosing a company. History has repeatedly confirmed that prioritizing low cost above financial strength often results in the purchase of insurance that is predictably “worth-less”. The purpose of insurance is to provide security and peace of mind. Therefore, “worth-less” insurance that may be uncollectible when you need it most is no bargain. You will want to have a company with the financial backing to continue to fight for you in the court room rather than pressure you to settle.
6. What is the difference between Occurrence Insurance and Claims-Made Coverage?
Occurrence Insurance is a type of policy in which the insured is covered for any incident that occurs (or occurred) while the policy is (or was) in force, regardless of when the incident is reported or when it becomes a claim.
Claims-Made Coverage provides protection for claims that occur and are reported while the policy is in effect (coverage period).
7. Will my physician medical malpractice insurance cover procedures I perform at a med spa?
In most cases it will not. Many insurance carriers do not cover the medical procedures performed at a medical spa.
8. Does CLS offer quotes on malpractice insurance for Nurses, Nurse Practitioners?
Currently we do not offer the ability to request a malpractice insurance quote for RNs or Nurse Practitioners.
9. Does CLS offer quotes on malpractice insurance for student doctors looking for coverage during externships?
Unfortunately we do not offer the ability to request a malpractice insurance quote for students or for those looking for liability coverage for an externship.
10. I need a tail-only policy. Will any malpractice insurance company sell me tail coverage?
Tail coverage is a supplemental insurance that covers incidents that occurred during the “active” period of a claims-made policy but are not brought as claims against an insured, nor reported to the insurer, by the time the claims-made policy has been terminated. Tail coverage can only be purchased from your previous claims-made liability carrier. It is generally 125% to 250% of the prior year’s premium.
Mark W. Ledger can be contacted at 866-321-8745 (toll), 866-321-8744 (fax), 713-501-2441 (cell) or email@example.com.