Choosing a Medical Malpractice Liability Insurance Policy
It is important for physicians to be covered with malpractice insurance since they are needlessly exposed to personal liability. When physicians choose a medical malpractice insurance, it is the one with the premium costs that protect the physician’s coverage limit that attracts them most. By that. it means that the insurance company will only pay for losses sustained by the policyholder up to a certain dollar amount – if the loss exceeds that dollar bracket, then the policyholder will have to be the one who will shoulder the excess payment.
This coverage limit is expressed in two types of inclusions: a per-occurrence limit where the insurance would state how much they would pay for a single loss or claim (commonly known as “an occurrence), and the aggregate limit is where the total amount stipulated in the policy is the amount that the insurer will pay in a given policy period -typically one year or $3 million per occurrence for aggregate limit and $1 million for per-occurrence limit.
There are other several complicated issues that physicians need to be aware of when dealing with coverage limits in conjunction to what the petitioner can claim. Remember that most insurers would take the position that despite the fact that there are two separate demands that an insurer is entitled to claim, if the case arises from a similar set of related phenomenon, most insurer would treat it as a single occurrence instead of two occurrences. Physician’s need to know this beforehand because if multiple claims are considered a single occurrence for insurance purposes, then this claims will be governed by a single pre occurrence coverage limit.’
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Defense cost is another issue that a physician ought to be mindful of when searching for the best medical malpractice insurance policy. Defense cost meaning, attorney, expert, and court fees – these are usually not included in the coverage limit. The amount of settlement received by the physician after a court case will be deducted the defense cost by the insurance company. This is not true for all medical malpractice insurance companies, but their coverage limit is lowered down to cover defense cost. One other things that one must take note in reference to cost of defense is that, whenever a coverage limit is reached, the insurer tenders its responsibility to defend the physician. It now becomes the duty of the physician to hire an attorney and pay all other expense. Though some policies do provide that the insurer will continue to provide a defense even after the coverage lime is reached.
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Excess insurance is another protection for physicians. When the limit of the physician’s policy is surpassed, this umbrella policy covers the excess.
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