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Diederich is committed to the environment by going paperless in our medical malpractice insurance offices nationwide. (read more) |
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Diederich Healthcare, a division of Diederich Insurance Agency, LLC, a leading provider of medical malpractice insurance for physicians, has announced that the agency has expanded its coverage area to include physicians practicing in the state of New Jersey. “This expansion is consistent with our commitment to provide cost effective and accessible malpractice insurance to the physicians of New Jersey. We have achieved our goal to increase our staff of highly trained professionals dedicated to serve the needs of our healthcare clients, while expanding our accessibility”, stated Jeffery M. Diederich, Chairman and Chief Executive Officer of Diederich Insurance Agency, LLC.
The expansion offers additional coverage options to physicians in New Jersey through Positive Physicians Insurance Exchange (PPIX), a fully admitted New Jersey carrier. Positive Physicians Insurance Exchange (PPIX) is a physician-driven medical malpractice insurance company that was created to provide stable, affordable, and long-term professional liability protection for its physician policyholders. For more than 10 years, PPIX’s objective is to give policyholders the peace of mind to grow and develop their practices without rising insurance rates and burdensome claims management threatening business survival.
PPIX offers two distinct types of policies; a traditional claims-made policy and a positive protection claims-made policy. PPIX’s traditional claims-made policy is equivalent to the claims-made policies offered by other admitted New Jersey carriers. These traditional claim-made policies typically include retro-active coverage, consent to settle clause, no deductible, and free tail provisions upon retirement.
Additionally, PPIX has developed an enhanced claims-made policy called Positive Protection, which provides tail anytime the policy is terminated, similar to an Occurrence policy. This type of policy eliminates the need to purchase expensive tail coverage.
PPIX has been committed to providing policy features that have been shown to improve patient care, reduce claims, and lower policy costs. At no additional cost, PPIX has made available certain specialty coverages that includes; Network Security & Privacy Insurance, MEDEFENSE-Plus Regulatory Coverage, Patient Notification & Credit Monitoring Costs Insurance, and Data Recovery Costs Insurance.
Specialties that are likely to be affected by this new option include Anesthesia, Cardiology, Emergency Medicine, General Surgery, Internal Medicine, Neurology, Neurosurgery, Ophthalmology, Orthopedic Medicine, Pain Management, Physiatry, Plastic Surgery, Podiatry, Primary care, Radiology, Sports Medicine, and Urology.
Physicians in New Jersey who wish to learn more about Diederich Healthcare, obtain more medical malpractice insurance information or receive a free Medical Malpractice Insurance Quote, please contact our experienced professionals at 800.457.7790 or visit http://www.diederichhealthcare.com.
Diederich Healthcare provides comprehensive medical malpractice insurance and consulting services to over 13,000 healthcare providers throughout the United States. Through Diederich’s seven (7) U.S. regional offices and multiple sales and service centers the company strives to provide superior client services. Physicians using us as a single source eliminate many of their hassles. As a leader in the industry for over 40 years, our goal is to deliver cost-effective quality insurance to our physician clients.
Diederich Healthcare understands the need to reduce a practice’s overhead expense and shopping for a new medical malpractice insurance carrier is one of the easiest ways to cut out unnecessary costs. Contact an agent at Diederich Healthcare today to see how today’s rates compare with your current policy.
To view the New Jersey Medical Malpractice Insurance press release click here.
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Multiple events in 2011 have continued to lower Florida Medical Malpractice premiums. Carrier competition has created a Florida marketplace where the physicians can benefit from lower costs of professional liability coverage. The following changes contributed to the rate decreases many physicians are now seeing in their practices:
The standard limits of liability in Florida are $250,000 / $750,000. The discounts that each company can apply vary substantially based on rate filings with the state. Most Florida medical malpractice companies can offer claims free discounts, risk management discounts and board certification discounts. Also, for a physician working less than 20 hours per week, a part-time discount of 50% can be applied.
Many specialties, including Family Practice, OB/GYN, General Surgery, Cardiology, Neurology, Internal Medicine, and Orthopedic Surgery have benefited from lower medical malpractice insurance premiums. Physicians and Surgeons have been able to develop a more profitable business by lowering their cost of their medical malpractice insurance.
We expect a downward trend in overall medical malpractice insurance costs to continue in 2012 for the State of Florida.
Cost-effective coverage is not the only reason physicians across Florida are choosing to place their medical malpractice coverage with Diederich Healthcare. Diederich Healthcare provides comprehensive medical malpractice insurance and consulting services to over 13,000 healthcare providers throughout the United States, Guam, and Puerto Rico. Through Diederich’s seven (7) U.S. regional offices and multiple sales and service centers, the company strives to provide superior client service. As a leader in the industry for almost 40 years, our goal is to deliver cost-effective quality insurance to our physician clients. Please note that coverage can be transferred from your current carrier at any time. Waiting for your current renewal date is not necessary. Get a Free, No-obligation Quote from Diederich today!
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New Jersey policyholders’ surplus increased $7.8 billion to $564.7 billion at March 31, 2011, from $556.9 billion at year-end 2010. Additions to surplus in first-quarter 2011 included insurers’ $7.8 billion in net income after taxes, $3.9 billion in unrealized capital gains on investments (not included in net income), $1.5 billion in new funds paid in (new capital raised by insurers), and $0.4 billion in miscellaneous additions to surplus, according to ISO, Inc. As a result, the State of New Jersey has received applications for and recently approved new property and casualty insurance carriers to write policies within the state. The title of property and casualty is the superseding line of insurance in which medical malpractice insurance/professional liability coverage falls under.
The entrance of new carriers, the merging of existing carriers and existing carriers coming out of dormancy to pursue organic growth implies a softening in the New Jersey medical malpractice insurance / property and casualty market. Going forward, assuming the trend will continue, the result will be a decrease in premiums from various admitted and surplus lines carriers. Being admitted by the State of New Jersey provides the physicians, insured with an admitted carrier, an additional layer of coverage through the New Jersey Property-Liability Insurance Guaranty Association (PLIGA) if insolvency of the carrier were to occur. In short, PLIGA is much like the FDIC for banking institutions. Surplus lines carriers, on the other hand, are not backed by PLIGA but offer exceptional financial strength and are able to write policies outside the standard single or small group physician policy. Some examples are facility policies, unorthodox practices and high risk practices.
The most notable carrier in relation to medical malpractice insurance in New Jersey is Positive Physicians Insurance Exchange (PPIX) which is fully admitted. PPIX has been in operation for over ten years in Pennsylvania and has been writing policies in New Jersey for approximately one year. PPIX is being offered through Diederich Healthcare and New Jersey medical malpractice quotes can be obtained here or by calling 800.457.7790.
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Are your computer records and patient information protected? A recent survey by research group Advisen found that despite increasing instances of cyber attacks, only about a third of companies that need cyber liability insurance coverage are protected. Most companies need cyber insurance but don’t realize they don’t have it until after a lawsuit is filed and it’s too late. It is estimated that more companies will purchase cyber liability policies in the near future due to new SEC requirements that publicly traded companies disclose a “description of relevant insurance coverage” to their shareholders.
Cyber liability protection is just as crucial for independent medical practices. If you maintain computerized patient information then you have the responsibility to protect those records. Any unauthorized release of information or outside cyber attack could violate patient privacy laws and expose you and/or your medical practice to a lawsuit. Diederich Healthcare is cognizant of your cyber liability and can advise and direct you to the proper coverage.
It is becoming more and more common for Medical Malpractice Insurance Carriers to include some form of Cyber Liability coverage in their basic policy form; however, coverage can vary from company to company. It is important to understand the depth of the coverage included to insure that coverage is in place to cover your company for potential indemnity regarding breach of privacy as well as attorney fees and costs to notify patients that their information was stolen.
Insurance against cyber attacks is certainly becoming a necessity, but varying policy coverage can make it difficult to fully understand the true protection provided. Contact a specialist at Diederich Healthcare for guidance with your Medical Malpractice and Cyber Liability Insurance coverage.
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The new year usually brings many changes in the medical malpractice insurance marketplace for physicians. Many doctors have professional liability insurance policies that renew in January. In the past, many companies have traditionally filed rate decreases in December that take effect for renewal business in the 1st quarter of the following year. This year has been relatively quiet in regards to rate changes, but one company has filed to decrease rates for some specialties. Physicians Insurance Company, upon approval from the Office of Insurance Regulation, plans to lower several specialties in all territories. The specific specialties have not yet been announced, however it is expected that the company will continue to focus on primary care physicians such as family practitioners, internists, and pediatricians. The company shines among a growing number of physician focused carriers in Florida. Although, Physicians Insurance Company is not a larger carrier, it has proven to be one of the most profitable carriers in Florida. The company boasts a loss ratio well under 50%, which is unheard of in the medical malpractice industry. The company has performed so well that it took the notice of a large carrier based in Austin, Texas. Texas Medical Liability Trust, better known as TMLT recently entered into an agreement to acquire Physicians Insurance Company. If approved by insurance regulators, this will add a large source of capital to the carrier which currently writes business in Florida and Texas. The company will also, most likely, share the A rating by AM Best that TMLT boasts.
The marketplace continues to evolve since a major change last year when The Doctors Company completed its acquisition of First Professionals Insurance Company (FPIC) who was the largest medical malpractice carrier in Florida.
Rates have decreased in Florida for many consecutive years since 2004 when new carriers began to enter the state. Physicians have been able to take advantage of this soft markets as rates have dropped as much as 50% for some specialties. Diederich Healthcare opened it’s office in Tampa, Florida in 2004 as the market was just beginning to change.
Rates have changed because of the following factors:
- Lower reinsurance costs
- Tort Reform
- Competition
- Lower claim frequency for several years
- Lower severity of paid claims
The market seems to be near the bottom, however, as reinsurance costs are expected to rise very soon. If acquisitions continue to take place, this will further delete competition among carriers and physicians may have less choices when choosing a malpractice company. Doctors should enjoy the low rates as long as they can, and no one can tell the future, but if the past is any predictor, we will continue to see changes and medical malpractice insurance rates will eventually begin to rise again.
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Georgia medical malpractice insurance premiums have been lowered due to multiple events that took place in 2011. Medical malpractice insurance carrier competition has created a Georgia marketplace where the physicians can benefit from lower costs of professional liability insurance coverage. The following changes contributed to the rate decreases many physicians are now seeing in their practices:
The standard limits of liability in Georgia are $1,000,000 / $3,000,000. The discounts that each company can apply vary substantially based on rate filings with the state. Most Georgia medical malpractice insurance companies can offer claims free discounts, risk management discounts and board certification discounts. Also, for a physician working less than 20 hours per week, a part-time discount of 50% can be applied.
Many specialties, including Family Practice, OB/GYN, General Surgery, Cardiology, Neurology, Internal Medicine, and Orthopedic Surgery have benefited from lower medical malpractice insurance premiums. Physicians and Surgeons have been able to develop a more profitable business by lowering their cost of their professional liability insurance.
Cost-effective coverage is not the only reason physicians across Georgia are choosing to place their professional liability insurance coverage with Diederich Healthcare. Diederich Healthcare provides comprehensive medical malpractice insurance and consulting services to over 13,000 healthcare providers throughout the United States, Guam, and Puerto Rico. Through Diederich’s six (6) U.S. regional offices and multiple sales and service centers, the company strives to provide superior client service. As a leader in the industry for almost 40 years, our goal is to deliver cost-effective quality insurance to our physician clients. Please note that coverage can be transferred from your current carrier at any time. Waiting for your current renewal date is not necessary. Get a Free Quote Today.
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The State with the largest demand for medical malpractice insurance alternatives has been New York. The New York medical malpractice insurance market has long been considered overburdened with high claims severity and overregulated by a Department of Insurance that has virtually taken control over the pricing of policies for traditional carriers. New York implemented a series of significant rate increases from 2003-2007 to correct artificially low rates and dwindling reserves from existing carriers. However, in the absence of significant reform, New York physicians are faced with the choice to pay higher premiums with traditional carriers or seek more competitive rates with alternatives such as Risk Retention Groups.
In 1986, Congress passed the Federal Risk Retention Act which provides a mechanism, for a Risk Retention Group (RRG) to operate in multiple states under one license. The Act states that an RRG must form as a liability insurance company under the laws of at least one state which is considered its state of domicile. Once domiciled in one state the RRG must be accepted by all other states, but the RRG must register in each state it wishes to write business. This RRG structure has become widely used as an alternative insurance option for healthcare providers that have difficulty affording or even finding coverage in traditional markets, such as New York.
Risk Retention Groups have several distinct advantages over a traditional insurance carrier including reduced licensing requirements, ability to market and operate nation-wide, and increased control. All these factors typically result in more competitive premiums than larger traditional carriers. However, because RRG’s are “non-admitted” companies that do not participate in New York’s Guarantee Fund (PLIGA) which provides coverage if an “admitted” carrier goes insolvent, physicians who join an RRG are not protected in the event of insolvency. Hospital privileges are another concern when considering coverage with an RRG. Since some hospitals and their bylaws will not accept coverage from certain RRG’s, physicians should inquire about this prior to joining.
Many physicians are faced with financial pressures, but lack the guidance and knowledge to properly evaluate the risk and benefits of an RRG. Diederich Healthcare’s experienced professionals can help New York physicians obtain quotes with traditional carriers and RRG’s, as well as weigh the benefits and disadvantages of the coverage.
-About Diederich Healthcare-
Diederich Healthcare provides comprehensive medical malpractice insurance and consulting services to over 13,000 healthcare providers throughout the United States, Guam, and Puerto Rico. Through Diederich’s seven (7) U.S. regional offices and multiple sales and service centers the company strives to provide superior client services. Physicians using us as a single source eliminate many of their hassles. As a leader in the industry for over 40 years, our goal is to deliver cost-effective quality insurance to our physician clients.
Diederich Healthcare is a nationally recognized insurance agency and can assist physicians with transferring their current coverage to a more cost-effective and comprehensive policy. Diederich also specializes in assisting group’s of five (5) physicians or more by creating a policy designed to meet the specific needs of the group.
Contact Diederich Healthcare to obtain a no-obligation free quote for your professional medical liability insurance. Diederich Healthcare understands the need to reduce a practice’s overhead expense and shopping for a new medical malpractice insurance carrier is one of the easiest ways to cut out unnecessary costs. Contact an agent at Diederich Healthcare today to see how today’s rates compare with your current policy. For more information on medical malpractice in new york click here.
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Physicians across the country are now able to secure affordable stand-alone tail coverage. In an effort to contain the costs of tail coverage for physicians, Diederich has taken the steps necessary in order to be able to provide cost-effective stand-alone tail coverage for physicians.
More frequent than ever, physicians have begun closing their private practices to seek stability as an employed medical provider with a large integrated health system. Many medical experts consider this “an evolutionary step in the healthcare industry,” while others believe that this is only a cyclical trend that is linked to the weakened economic environment within the United States. This trend has remained stable over the past year and many medical practitioners have chosen to relinquish their independence to seek shelter under the umbrella of a hospital or integrative medical program.
As one prepares to consolidate their practice, an important detail must be evaluated for those canceling a claims-made medical liability insurance policy. An extended reporting endorsement or “Tail Coverage” must be secured prior to cancelling a malpractice insurance policy to ensure that past patient exposure is still protected. One of the largest misconceptions with tail coverage is that “physicians are GUARANTEED free tail coverage if they are insured with a carrier for five (5) years or more.” This is a very inaccurate assumption that can either leave a physician with an unexpected last minute overhead expense or a gap in their professional medical liability insurance coverage.
The majority of state admitted medical malpractice insurance carriers only provide free tail coverage if a physician retires completely from the field of medicine after five (5) years of continuous coverage. Therefore, physicians moving to integrated health programs are left with the daunting task of purchasing their own extended reporting endorsement. As a rule of thumb, most tail policies will cost a physician 200% of the current annual premium. Therefore, a doctor is spending $20,000 annually on medical liability insurance coverage, can assume tail coverage to be about $40,000 upon the cancellation of their current policy. This is a large overhead expense and the agents at Diederich Healthcare understand the need for physicians to cut excessive overhead expenses during these trying times. Diederich Healthcare, one of the nation’s largest medical malpractice insurance agencies serving over 13,000 physician clients, can assist physicians by finding a more cost effective extended reporting endorsement or “Stand-Alone Tail Coverage”.
Paying 200% of a current policy’s premium to lock in tail coverage is not the only option and Diederich Healthcare is able to assist physicians by finding stand-alone tail policies for less than half the cost of a tail policy offered by the physician’s current insurance carrier. Extended reporting endorsements can be secured through nationally recognized insurance carriers rated “A (Excellent)” by A.M. Best Financial Stability Ratings and ensure physicians the highest level of coverage protection. Available coverage meets credentialing requirements and medical providers can be assured that the strength of the policy is not sacrificed for a competitive price.
-About Diederich Healthcare-
Diederich Healthcare provides comprehensive medical malpractice insurance and consulting services to over 13,000 healthcare providers throughout the United States, Guam, and Puerto Rico. Through Diederich’s seven (7) U.S. regional offices and multiple sales and service centers the company strives to provide superior client services. Physicians using us as a single source eliminate many of their hassles. As a leader in the industry for over 40 years, our goal is to deliver cost-effective quality insurance to our physician clients.
Diederich Healthcare is a nationally recognized insurance agency and can assist physicians with transferring their current coverage to a more cost-effective and comprehensive policy. Diederich also specializes in assisting group’s of five (5) physicians or more by creating a policy designed to meet the specific needs of the group.
Contact Diederich Healthcare to obtain a no-obligation free quote for your professional medical liability insurance. Diederich Healthcare understands the need to reduce a practice’s overhead expense and shopping for a new medical malpractice insurance carrier is one of the easiest ways to cut out unnecessary costs. Contact an agent at Diederich Healthcare today to see how today’s rates compare with your current policy. Additional information regarding tail coverage is available from the links below:
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Giving up or selling your private practice to a hospital or regional healthcare system can involve unexpected expense and exposure. This alarming nationwide trend is luring private practice physicians with the expectation of a perceived safe-haven by being employed with an organization that “provides” the benefits of health and medical malpractice insurance, retirement benefits and an atmosphere free from the worries of employer related expenses, patient/government/insurance reimbursement collections and employee issues. For some physicians, and for a good number of reasons, this move can be the best decision; however, it could greatly benefit individual physicians both personally and financially to consult with a Medical Malpractice Insurance Professional/Agent before and during the negotiation process.
Physicians tend to assume that their only option for Medical Professional Liability Insurance will be the new organization’s group malpractice insurance or “self-insured” policy, and that this coverage will provide the same or better protection at a lower cost than their own personal policy. In many cases, the coverage available with the new group will differ with respect to the protection (Liability Limits, Tail Coverage, Consent to Settle) and choices (Availability to choose Legal Counsel, Insurance Company and use of a Qualified Malpractice Insurance Agent) of the individual physician, taking into account the best interests of the “organization” over the physician. Additionally, many transitional agreements from private practice to a hospital or medical system will not provide for the physician’s prior acts to be covered. This will result in the need for the individual physician to purchase an expensive extended reporting endorsement (Tail Coverage) in to address past exposure. This unexpected expense for Tail Coverage will normally cost 2 – 2 ½ times the premium of the expiring coverage already in place.
For the same reason that a physician would seek the expertise of an auto mechanic for a problem with their car, doctors should always consult with an insurance specialist/broker regarding the coverage for their professional exposure. A Medical Malpractice Insurance Broker will analyze the coverage offered and can assist in negotiating to keep a physician’s own individual malpractice insurance policy making certain that important details are maintained by the physician and unnecessary costs are avoided.
- Are prior acts covered?
- Do I need to purchase Tail Coverage?
- How do the limits of liability compare?
- Will the hospital/group settle a claim without my consent?
- Can I choose my own legal counsel?
- May I keep my own coverage?
To consult with a Medical Malpractice Insurance Specialist concerning your coverage, contact Diederich Healthcare at (800) 457-7790 or complete our free, no-obligation medical malpractice insurance quote form.
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The following post was written by one of our Medical Malpractice Insurance experts. If you are interested in seeing what Diederich Healthcare can do for you, please complete our quick and easy quote form now! Excellent, cost-effective Med-Mal coverage is only a click away.
Professional liability insurance should extend beyond the last date of the policy period of a policy on a “claims-made” basis. Claims can be made long after the medical treatment or occurrence that caused the injury. Most medical malpractice insurance policies are written on a claims-made basis, which means the insurance company pays only claims that are received during the policy period. In that case, a doctor needs tail coverage to protect against claims that are not known about at the end of the policy period. If a doctor retires, allows his malpractice insurance policy to lapse, and a claim comes in 2 years later, the physician will have to hire his own attorney to defend him against a claim or suit. He will also be responsible for any indemnity payment that is awarded to the patient or patient’s family.
In order to protect himself from the nightmare, the doctor purchases tail coverage. Tail coverage will extend the policy that covers the physician even after he is no longer practicing medicine. Policies can range from 1 year to an indefinite time period. For more information about tail coverage, please contact one of our professional liability specialists to guide you on this very important aspect of your medical malpractice insurance policy.
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