This article contains the most common questions new to practice physicians ask their insurance agent or broker about the process to obtain medical malpractice insurance. The answers to these questions should be used as simply a guide. With any specific questions, refer to your broker to outline the intricacies of your policy.
Is my carrier A rated? Quite often a new to practice physician will be placed with an A rated med mal carrier A new physician who doesn't get placed with one will generally speaking have something on their record (maybe getting in trouble with the law, or having a claim from moonlighting during residency) which might prevent the new to practice physician from being placed with an A rated insurance carrier.
How are the ratings generated? A.M. Best Company is a credit rating agency who issues credit ratings on an independent basis to insurance carriers based on a number of factors including the carrier's ability to meet its contractual obligations and ongoing insurance policies.
What is my premium? Your broker should be able to help you through the process of obtaining good med mal quotes for your policy. Without having details that are usually outlined on your CV, it's difficult to get an accurate med mal quote and would most likely be an estimate. If you are interested in a precise premium, you should provide your broker with your CV. Your agent or broker can fill out the necessary forms for you. When the process is nearing completion, your agent will present your options for different premiums and the intricacies of the different policies.
Will hospitals accept my insurance? If the carrier you are insured by has an A rating by A.M. Best and is a standard admitted carrier, it is highly likely that most hospitals will accept your insurance.
Generally speaking, hospitals require that your carrier have a rating of A or better, or be a standard admitted company. Most new to practice physicians will likely get a standard admitted carrier with an A rating. How come? No claims. Beause of the fact that you are a new to practice physician, there is probably no prior risks a carrier would need to consider when writing you a policy.
I'm afraid if I get a potential claim, my carrier will settle. Will they fight for me? With many standard admitted carriers, one of the many benefits that they bring to the table is they require the doctor's consent to settle. Which means a claim can't be settled without the doctor consenting.
Consult with your agent with any questions on your current policy or any future policy, as they will be best equipped to answer your questions and explain in detail what you're dealing with.
