New York State: Medical Malpractice Insurance Requirements for 2020
New York state does not legally require that practicing physicians carry medical malpractice insurance. However, general hospitals in New York usually do require that physicians maintain professional liability insurance before granting privileges. The liability amount required by NYS hospitals is usually $1,300,000 per claim/$3,900,000 aggregate limits of liability.
Because New York has not enacted any kind of tort reform policy that would cap economic damage payouts, New York medical malpractice insurance premiums are very high. In New York state, the statute of limitations for medical malpractice claims is 30 months.
New York State: Medical Malpractice Insurance Outcomes for 2019
TOTAL PAYOUT
The total medical malpractice payout in New York state for 2019 was $489,882,500.
TOTAL PAYOUT VS. OUTCOME
TYPE OF INJURY
PATIENT AGE
PAYOUTS BY PATIENT TYPE
PAYOUTS BY PATIENT GENDER
New York state does not legally require that practicing physicians carry medical malpractice insurance. However, general hospitals in New York usually do require that physicians maintain professional liability insurance before granting privileges. The liability amount required by NYS hospitals is usually $1,300,000 per claim/$3,900,000 aggregate limits of liability.
Because New York has not enacted any kind of tort reform policy that would cap economic damage payouts, New York medical malpractice insurance premiums are very high. In New York state, the statute of limitations for medical malpractice claims is 30 months.
NEW YORK MEDICAL MALPRACTICE INSURANCE RATES BY SPECIALTY
| Specialty | Approximate Rate | Minimum Rate | Maximum Rate |
|---|---|---|---|
| Anesthesiology | $44,000 | $7,000 | $180,000 |
| Cardiovascular Disease Minor Surgery | $38,000 | $11,000 | $69,000 |
| Emergency Medicine | $45,000 | $13,000 | $90,000 |
| Family Practice No Surgery | $28,000 | $6,000 | $75,000 |
| Gastroenterology No Surgery | $33,000 | $7,000 | $82,000 |
| General Surgery | $120,000 | $25,000 | $340,000 |
| Internal Medicine No Surgery | $24,000 | $7,000 | $41,000 |
| Neurology No Surgery | $27,000 | $7,000 | $51,000 |
| Obstetrics and Gynecology Major Surgery | $173,000 | $31,000 | $548,000 |
| Occupational Medicine | $32,000 | $3,000 | $127,000 |
| Ophthalmology No Surgery | $12,000 | $2,000 | $33,000 |
| Orthopedic Surgery No Spine | $115,000 | $17,000 | $409,000 |
| Pediatrics No Surgery | $18,000 | $5,000 | $41,000 |
| Psychiatry | $13,000 | $2,000 | $33,000 |
| Radiology – Diagnostic | $58,000 | $10,000 | $171,000 |
*State filed rates from 2016
If you're a physician working in New York state and looking for medical malpractice insurance, reach out to MEDPLI. Whether you're a surgeon in Manhattan, an OB/GYN in Albany, or a dermatologist in Buffalo, we'll help you obtain coverage from an A-rated carrier.
About the Author
Max Schloemann is a medical malpractice insurance broker helping physicians and surgeons secure Medical Professional Liability coverage. A Magna Cum Laude graduate of Southern Illinois University’s College of Business, he was named Outstanding Management Senior.
Max began his career in 2008 at an industry-leading firm and founded MEDPLI in 2017 to guide private practice doctors and physicians in transition through the complexities of malpractice insurance.
Outside of work, Max, his wife Kristen (a Physician Assistant), and their four kids enjoy the outdoors and attending the kids’ sporting events. For malpractice insurance questions, you can contact Max here.
Latest from the Medical Malpractice Insurance Blog
GUIDE: Read here for New Hampshire’s medical malpractice insurance rates by specialty, top carriers, payout trends & state laws. Get a custom quote here.
GUIDE: Read here for Nevada’s medical malpractice insurance rates by specialty, top carriers, payout trends & state laws. Get a custom quote here.
GUIDE: Read here for Nebraska’s medical malpractice insurance rates by specialty, top carriers, payout trends & state laws. Get a custom quote here.
GUIDE: Discover Minnesota's medical malpractice insurance rates by specialty, top carriers, payout trends & state laws. Get a custom quote today.