Sinking Ships and Failing Concerns-Is Your Medical Malpractice Insurance in Jeopardy?
Over the last twelve months several medical malpractice insurance risk retention groups and companies have gone or are going the way of the Titanic. This creates a multitude of problems for their insureds, a range of bad to worse. Bad enough to have paid a premium for medical malpractice insurance that is now worthless. Worse if you have an open claim being defended by a company that has now abandoned you. If you purchased your medical malpractice insurance through a reputable agent, most likely your agent has contacted you and facilitated changing your coverage to a financially stable company. However, if you are with a “direct-writer”, meaning you placed our coverage directly with the insurance company, you have no advocate to advise you and to represent your best interests. If you have any concerns about the financial viability of your current malpractice insurance company, contact one of our agents, we would be happy to assist you. 1-866-321-8745, extension 101 or 104.
Malpractice Insurance Can Be Rewarding-Who Knew?
We view malpractice insurance as a necessary professional expense, a “must-have” in today’s litigious society. You might be surprised to learn that some malpractice insurance companies give financial rewards and loyalty incentives to their insureds.
Dividend Credits -Several companies give a dividend on prior year’s coverage, once that year’s claims are closed and resolved. Any remaining premium dollars are returned to the insureds as a premium offset or a cash dividend.
Cash Retirement Allocations -Two major carriers allocate a percentage of each year’s premium to a retirement account and give a cash benefit to the insured upon retirement.
Stock Buy-Back -Several privately held insurance trusts and reciprocals have converted to stock insurance companies, and then purchased by a larger company. The physician founder-owners were compensated over the course of their coverage with dividends and then a stock buy-out. A recent transaction netted our clients a collective $1.7M.
For a more rewarding coverage experience, contact one of our agents today.
Ransomware Attack Against Allscripts
EHR vendor Allscripts suffered a ransomware attack on January 18, 2018. Physicians and Medical Groups who have been affected should contact their medical professional liability insurer. Most standard malpractice insurance policies include some Cyber Liability coverage. Your insurer can put you in touch with their cyber liability defense firm to advise you. If you would like a quote for stand-alone Cyber Liability/Data Breach coverage, give us a call and we will send you the application.