Medical Malpractice Insurance Florida
Also known as medical professional liability insurance, medical malpractice insurance operates much like other types of insurance, with insurers collecting premiums from policyholders in exchange for an agreement to defend and pay future claims within the terms and limits set by the policy.
Potential Savings and Discounts
Simply put, our goal is to save you money. Being in the insurance business for decades, we’ve found that there are time-tested strategies that can help you save money. Our professional staff is trained to seek out these discounts and apply them whenever applicable.
When you work with Oros Risk Solutions, here are a few of the discounts that may be available to you:
- Discount For New-to-Practice Physicians
- Claims Free Discount
- Education and Training Discount
- Discount For Part-Time Physicians
- Medical Society Discount
- Association Discount
- Risk Management Discount
Low Rates Nationwide From “A” Rated Carriers
Medical malpractice insurers establish rates based on medical specialties within a particular state and geographical region – usually by county. Insurers may offer discounts based on particular characteristics of the policyholders, such as claim histories, participation in risk-management programs, or membership in particular medical societies or associations.
Medical malpractice insurance premiums can vary significantly among the various carriers. For this reason, Oros Risk Solutions takes a fully integrated approach to malpractice insurance coverage, working with a variety of respected carriers to ensure you get the best coverage possible for your particular needs, at the most affordable rates available in the industry.
Types of Medical Malpractice Insurance Coverage
Claims-made coverage provides coverage for insured events occurring on or after the specified policy’s retroactive date, when the insured events are reported during the policy period. If the retroactive date is the beginning of the policy period, the policy is relatively inexpensive and is called “first-year” claims-made. However, as the number of years from the retroactive date increases, the policy “matures.” The premiums increase each year using “step factors” until reaching the mature level, which occurs approximately five to eight years after the policy’s retroactive date. Claims-made coverage is the most widely available form of medical malpractice insurance coverage today.
Retroactive Coverage (Prior Acts Coverage)
Under a claims-made policy, retroactive coverage provides insurance for claims arising from incidents that occurred while a previous claims-made policy or policies were in effect, but that were not reported until that policy (or the last in a succession of policies) was terminated. The coverage period begins with a “retroactive date” and continues while the policy is in force. With retroactive coverage, the new policy covers such claims within the other terms and conditions set by the policy. With retroactive coverage, the purchase of tail coverage from the previous carrier is not necessary.
Tail Coverage (Extended Reporting Coverage)
Tail coverage protects the physician against claims that arise from professional services performed while the claims-made policy was in effect, but which were reported after the termination of the policy. Tail coverage is not automatically extended. While some insurers offer tail coverage free of charge for retiring doctors who meet certain criteria, many other circumstances require purchase at a considerable cost to you. However, there are options available through Oros Risk Solutions to significantly reduce the cost of your tail policy.
Occurrence insurance covers the insured 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. Occurrence insurance for medical liability coverage is rarely offered today because of the difficulty of insurers being able to accurately project long-term claims costs under this type of policy.
Types of Risk
Healthcare professionals seeking medical malpractice insurance are categorized by insurance carriers based on certain qualifications. Whether you are a new to practice physician or have been practicing for years, generally speaking, carriers categorize risk as follows:
Medical malpractice insurance providers may classify an applicant as being a preferred risk in the event that they meet some specific underwriting guidelines. The guidelines are generally determined by the applicant’s medical specialization, credentials along with a favorable medical malpractice claims record. The major difference between the preferred and standard risk medical doctor, is usually that preferred risk doctors have specified characteristics which position them in a special system backed by the insurance company.
Applicants that do not effectively qualify as preferred risks and are not regarded as being special risks will fall into a standard risk profile. Many applicants applying for coverage who are claims free will usually fall under this category.
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.
Oros Risk Solutions 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.