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Oklahoma Medical Professional Liability Insurance Market Summary
Malpractice insurance for Oklahoma doctors is a major expense, and tail insurance is often double the annual premium! The good news is that Oklahoma doctors have several good options to partner with strong insurance carriers to protect their assets and reputation.
More than 50% of Oklahoma doctors are covered by one insurance carrier – Medical Protective, which acquired PLICO in 2015. Other top carriers trusted by Okies include:
Each of these carriers is rated “A” Excellent or better by AM Best. Most malpractice insurance for Oklahoma doctors is written on claims-made form, and provides $1,000,000 per claim/$3,000,000 aggregate limits of liability.
Since 1 in 3 doctors have been sued, it’s important for private practice physicians to secure strong protection from an insurance partner with a good track record of defending doctors.
Malpractice Insurance Rates for Oklahoma Doctors
How much does a malpractice insurance policy cost in Oklahoma? The cost of malpractice insurance for Oklahoma doctors depends on several factors, with medical specialty being one of the main determinants of pricing. Your individual rate will need to be determined by an insurance carrier underwriter. MEDPLI advocates for doctors to get the best terms and pricing for our clients. Start your quote now.
See below for a summary of annual rate estimations by specialty for Oklahoma malpractice insurance.
| Specialty | Rate Estimate |
|---|---|
| Anesthesiology | $11,000 |
| Emergency Medicine | $22,000 |
| Family Practice | $8,000 |
| General Surgery | $28,000 |
| Internal Medicine | $8,000 |
| OBGYN | $40,000 |
| Orthopedic Surgery | $27,000 |
| Plastic Surgery | $28,000 |
| Radiology | $8,000 |
These rates are approximations only. Not all physicians will qualify for these rates. Some doctors will qualify for lower rates, because insurance carriers offer discounts to doctors who have a good claim history. MEDPLI advocates for physicians to get the discounts they deserve.
Statute of Limitations for Medical Malpractice Claims
The statute of limitations for medical malpractice in OK is two years from the date of the negligent act, for adult patients. For minors under the age of twelve, the time period is seven years from the date of the negligent act, no later than the child’s nineteenth birthday.
Oklahoma Statutes section 76-18 says “An action for damages for injury or death against any physician, health care provider or hospital licensed under the laws of this state…shall be brought within two years of the date the plaintiff knew or should have known, through the exercise of reasonable diligence,” of the existence of the case.
Tail Insurance in Oklahoma
Tail insurance is generally 200% of the expiring premium of the claims-made policy. Using the $40,000 figure above for OBGYN’s annual claims-made rate, you can estimate an OBGYN Tail policy would be approximately $80,000 in Oklahoma. Tail is a one-time payment from the doctor to the insurance company. In exchange, the doctor is covered in the event a new claim is made against the doctor, during the prior acts period.
Example: Dr. Anderson practiced Obstetrics and Gynecology in Oklahoma from July 1, 2005 to April 1, 2019. This period of time (7/1/2005-4/1/2019) is considered Dr. Anderson’s prior acts period. When Dr. Anderson buys tail coverage, this prior acts period is very important. Any patient care during this time period has the potential to become a lawsuit. Even though he has not been sued as of April 1, 2019, there is still time for a lawsuit to be brought against Dr. Anderson (see below for Statute of Limitations). Since Dr. Anderson is no longer keeping his claims-made policy active, he needs tail coverage. If he does not purchase tail insurance, he would be paying for legal defense and indemnity out of pocket in the event of a lawsuit. Though the $80,000 cost of tail insurance is significant, it is a great deal lower than the costs of defense and indemnity for most OBGYN cases that go to trial.
Like traditional malpractice insurance, tail insurance costs vary depending on the specialty, location, individual experience, and the carrier. MEDPLI helps doctors compare their tail options so they have clarity in making the important decision of which insurance carrier to partner with for tail coverage.
Closing Remarks
Physicians searching for the best solution for their malpractice insurance can partner with MEDPLI. We are advocates for physicians and we specialize in medical professional liability insurance. Whether you are changing jobs, going into private practice for the first time, or an owner of an existing practice, feel free to connect with us. Call 800-969-1339, email info@medpli.com, or start your quote now.
