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California Physicians: Know Your Policy Form (Claims Made vs. Claims Paid)

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California physicians have a number of options when it comes to shopping for their professional medical liability insurance. A common question from medical physicians is, “Why are claims paid insurance policies less expensive than claims made insurance policies?” A policy that has continued to attract California medical providers is the “claims paid” policy form. This policy offered by physician cooperatives or medical trusts offers extremely low insurance rates that are considered “assessments” rather than annual…

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2012-featured

2012 Medical Malpractice Insurance Payout Analysis

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The 2015 Medical Malpractice Payout Analysis has been released and is available here. As a service to our clients and all physicians nation-wide, Diederich Healthcare has done an analysis of the medical malpractice payouts in 2011 as recorded by the National Practitioner Data Bank.  Taking the data from the NPDB’s records, statistics were selected that will be both interesting and timely to doctors and all other medical professionals.  Toward the end of the infographic there is…

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Alabama Medical Malpractice Market Update

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Multiple events in 2011 have continued to lower medical malpractice premiums in Alabama. Carrier competition has created an Alabama 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: Medicus Insurance Company enters Alabama Norcal Mutual acquires Medicus Insurance Company The Doctors Company acquires FPIC group Medicus Insurance Company receives “A” rating from A.M. Best A.M….

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Congress OKs Measure Averting 27.4% Physician Pay Cut

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The US Senate and House approved a payroll tax package which includes a provision to stave off a 27.4% cut in physician Medicare payments that was scheduled to be effective tomorrow—March 1,2012.   The bill also freezes physicians Medicare payment rates at their existing level until December 31, 2012. To learn more, click here. To contact the author, call 800-457-7790 and ask for Mike Taskila.

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New York Medical Malpractice Insurance Environment Stabilizes

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After the onslaught of activity, ignited by the injection of risk retention groups (RRGs) entering the New York Medical Malpractice Insurance market, it appears the “inventiveness” of the RRGs entrance has become yesterdays news.   Once the talk of New York State,  RRGs are now commonplace in the malpractice insurance arena.  This leads to the question, “what lies in store for the medical community and citizens of New York?”. Even though RRGs have been operating in…

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Effects of Healthcare Reform on Medical Malpractice Insurance & Claims

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According to the Insurance Information Institute (2011), although “premiums are now stable and the frequency and severity of claims has moderated, some observers see the beginning of a reversal”.  A 2010 study by Conning notes that “medical malpractice profitability cycle has peaked…a number of factors will challenge insurers and possibly lead to higher losses over the next few years”.  These factors include: Outpacing other tort areas, costs to defend/settle medical malpractice cases are continually rising…

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Florida Medical Malpractice Insurance Market Update

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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: Medicus Insurance Company enters Florida Norcal Mutual acquires Medicus Insurance Company The Doctors Company acquires FPIC group Crum and Forster acquires Valiant Insurance Company Medicus Insurance Company receives…

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New Jersey Medical Malpractice Insurance Market Softening

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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,…

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Cyber Liability Insurance Coverage

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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…

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Florida Medical Malpractice Insurance Market Update – 2012

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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…

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