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 “A” rating from A.M. Best
- A.M. Best Upgrades The Doctors Company Financial Strength Ratings to A (Excellent)
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.To contact the author, call 800-457-7790 and ask for Myles Donnell.