Top 4 Malpractice Insurance Carriers in New Mexico
We recommend carriers with an AM Best “A” or higher rating. An A-rating indicates financial strength, long-term solvency, and an established history of protecting New Mexico physicians.
2025 New Mexico Malpractice Insurance Rates by Specialty
These rate estimates are for informational purposes only and are based on the NM standard limits of $250,000 for Each Claim / $750,000 Aggregate per year in coverage.
Quotes require a completed application and underwriter approval. Contact us for a custom estimate if you don’t see your specialty.
| Specialty | 2025 Approximate Annual Premium |
|---|---|
| Anesthesiology | $29,000 |
| Cardiovascular Disease– Minor Surgery | $28,000 |
| Dermatology– No Surgery | $14,000 |
| Emergency Medicine | $33,000 |
| Family Practice– No Surgery | $21,000 |
| Gastroenterology– No Surgery | $23,000 |
| General Practice– No Surgery | $21,000 |
| General Surgery | $52,000 |
| Internal Medicine– No Surgery | $21,000 |
| Neurology– No Surgery | $25,000 |
| Obstetrics and Gynecology– Major Surgery | $80,000 |
| Occupational Medicine | $12,000 |
| Ophthalmology– No Surgery | $13,000 |
| Orthopedic Surgery– No Spine | $52,000 |
| Pathology– No Surgery | $18,000 |
| Pediatrics– No Surgery | $21,000 |
| Pulmonary Disease– No Surgery | $28,000 |
| Psychiatry | $14,000 |
| Radiology – Diagnostic | $31,000 |
New Mexico Medical Malpractice Payouts From 2015-2023
Types of Professional Liability Insurance for New Mexico Physicians
In New Mexico, standard insurance carriers only offer occurrence-based medical malpractice policies. However, physicians practicing under a claims-made policy should be aware of the implications when changing jobs or retiring.
- Protects incidents that occur during the policy period, regardless of when a claim is filed.
- Generally has higher premiums initially, but these remain consistent over time.
- Tail insurance is not required, as the policy covers any claims for incidents that happened during the policy period, even if reported later.
- In New Mexico, standard market insurance carriers exclusively offer occurrence-based medical malpractice policies. Claims-made policies are uncommon and are only available in the non-standard market.
- This restriction on policy types has limited the number of new insurers in the state.
Important: New Mexico physicians with claims-made malpractice policies must secure tail coverage when changing jobs to avoid liability for past patient claims.
- Provides extended coverage for claims made after a claims-made policy has ended, ensuring protection for incidents that occurred during the active policy period.
- When transitioning between jobs or retiring, securing tail coverage is crucial to avoid potential gaps in protection.
New Mexico physicians must assess their practice needs and consult with insurance professionals to determine the most suitable coverage type. For personalized assistance, consider reaching out to specialized brokers like MEDPLI.
In 2023, New Mexico physicians were held liable for 93 medical malpractice payouts.
- Average Payout: $404,559
- Total Payout: $37,624,000
(Source: National Practitioner Data Bank)
New Mexico Tort Reform: Understanding Medical Malpractice Damage Caps
In New Mexico, the Medical Malpractice Act caps non-economic damages, such as pain and suffering, while economic damages, like medical expenses and lost wages, are not capped. As of 2024, the cap for non-economic damages is $750,000. However, healthcare providers have a $250,000 cap, with any additional amount paid by the Patient Compensation Fund (PCF).
2025 Non-Economic Damage Caps:
- Cap for non-economic damages (like pain and suffering): $750,000
- Cap for healthcare providers with any additional amount paid by the Patient Compensation Fund (PCF): $250,000
The non-economic damage caps are subject to annual adjustments based on the Consumer Price Index (CPI). Beginning in 2024, these caps will increase annually to account for inflation.
New Mexico Statute of Limitations for Medical Malpractice Claims
According to New Mexico Statutes Section 41-5-13, a medical malpractice claim must be filed within:
- 3 years from the date of the alleged malpractice
- Generally, the clock starts on the date of the malpractice, not when the injury is discovered
Exceptions:
- Minors under the age of 6, the claim must be filed by their ninth birthday.
- If the healthcare provider is not “qualified” under the New Mexico Medical Malpractice Act, the statute of limitations may be subject to the “discovery rule,” meaning it begins when the injury is discovered or reasonably should have been discovered.
Why New Mexico Doctors Partner with MEDPLI
We exclusively broker medical malpractice insurance, focusing daily on making the professional liability process less burdensome and expensive for doctors.
With MEDPLI, New Mexico physicians:
MEDPLI helps doctors in every specialty.
You can count on MEDPLI for excellent coverage at a competitive cost, whether you own a private practice in Albuquerque or are a neurosurgeon in Santa Fe. Call 800-969-1339 or Request a Quote.
