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. Best Affirms Ratings for ProAssurance
- A.M. Best Upgrades The Doctors Company Financial Strength Ratings to A (Excellent)
The standard limits of liability in Alabama are $1,000,000 / $3,000,000. The discounts that each company can apply vary substantially based on rate filings with the state. Most Alabama 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 professional liability insurance.To contact the author, call 800-457-7790 and ask for Myles Donnell.