Maryland Physicians: Now you can reduce your medical malpractice insurance rates and keep “A” rated coverage

Posted by | February 21, 2014 | No Comments
baltimore-skyline

In the years leading up to 2014, malpractice insurance rates have steadily decreased.  While many factors play into the cause of this premium decline, the effect is undeniable – Maryland physicians can now obtain comparable coverage at significantly lower rates.

In Baltimore, the most expensive practice location in the state, obstetricians can obtain coverage for $49,400.  At nearly half the cost of another leading admitted carrier with an AM Best “A” rating, this particular example represents the greatest premium disparity discovered in a recent Diederich Healthcare cost analysis.  Baltimore orthopedic surgeons have multiple “A” rated coverage options for less than $40,000.

An overview of annual premiums based on mature claims-made rates with applicable discounts and $1,000,000/$3,0000,000 limits of liability:

Specialty

Baltimore City & Baltimore County

 Anne Arundel, Howard, Montgomery, Prince George’s

Remainder of Counties

Anesthesiology  $                   13,028  $                   11,834  $                   10,423
Family Practice  $                     8,040  $                     7,433  $                     6,825
General Surgery  $                   33,095  $                   30,101  $                   26,491
Internal Medicine  $                     9,498  $                     8,769  $                     8,040
Obstetrics and Gynecology  $                   49,400  $                   44,905  $                   39,520
Orthopedic Surgery  $                   36,371  $                   33,062  $                   29,097
Plastic Surgery  $                   33,555  $                   30,821  $                   28,088
Radiology (diagnostic)  $                   11,943  $                   10,856  $                     9,554

The findings confirmed that these rates would apply to many Maryland physicians who practice full-time (greater than 20 hours/week).  Physicians who need coverage for a part-time practice (less than 20 hours/week) may be eligible for additional discounts. 

Coverage overview:

  • Admitted Maryland carriers with “A” ratings for financial stability
  • Retroactive coverage (aka “prior acts” or “nose”) included
  • Claims-free discounts available
  • Free tail provisions for retirement, death, and disability
  • Group policies available

With nationwide coverage options, Diederich Healthcare can easily accommodate Maryland physicians who also practice is Washington, DC and neighboring states.  Doctors and medical groups who have not received a recent quote from Diederich Healthcare could be missing out on a lucrative bottom line improvement for their practice.  You can contact our experienced professionals at 800.457.7790 or complete our short online quote request form. Please click here to complete a quote request form now.

To contact the author, call 800-457-7790 and ask for Max Schloemann.

About Max Schloemann (view full bio page)

Max Schloemann is an experienced broker who provides cost-effective, high quality risk solutions for physicians and medical practices of all sizes. His extensive knowledge of medical professional liability insurance and passion for helping people make him a great resource for his clients. As a licensed agent in multiple states, Max can assist doctors with all medical malpractice insurance matters including issues such as tail, claims-made versus occurrence coverage, transitioning to a new practice, and many more. “Open communication between physicians and their broker allows for strong relationships, mutual understanding, and ultimately ease of doing business. My clients tell me it’s reassuring to be able to reach me by call, text, or e-mail both day and night.” Max joined Diederich Healthcare in 2008 as a medical professional liability insurance broker. A magna cum laude graduate and “Outstanding Senior” of Southern Illinois University’s College of Business, Max has held various sales and managerial roles with State Farm Insurance and has served as insurance risk manager for a major university system, including its Medical and Dental Schools. Max enjoys spending time with his wife Kristen, a cardiovascular PA-C, and their two sons (Charlie and Benjamin). He coaches youth baseball, soccer, and basketball teams, donates his time and blood to the American Red Cross, and participates in other charitable programs.

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