Physician Malpractice Insurance
Medical malpractice insurance is vital to a physician’s career. If they do not carry coverage, physicians put their career on the line. Financial ruin can ensue if a patient brings a lawsuit against him/her. Just one case can make or break a career that the physician worked so hard for.
If a lawsuit is brought up in court, the plaintiff would be the patient, a party acting on behalf of the patient, or the executor of a deceased patient’s estate. Malpractice lawsuits can be made against a single physician, however, they can also be made against a hospital, clinic, or other type of medical institution. Dam
05 Jul
Posted by Lucas Falkiner as Insurance Tips
The average medical malpractice insurance rate increase for New York doctors this year will be five percent. The increase, which took effect July 1, follows two years of rates freezes.
New York State Insurance Superintendent James J. Wrynn, who approved the rates, said the increase “will help hold the line on costs for physicians while giving the insurance companies the resources to pay claims as they come due.”
Wrynn established new base rates resulting in five percent increases for Medical Liability Mutual Insurance Co. (MLMIC), which is the largest medical malpractice insurer with almost 60 percent of the market, and Physicians’ Reciprocal Insurers (PRI), the second largest medical malpractice carrier with almost 30 percent of the market.
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Two smaller specialty carriers, Hospitals Insurance Co.