Your medical malpractice coverage can suddenly be canceled or drastically increase in cost for many reasons, which we discuss in this post. If you find yourself dropped or priced-out by your current insurer, MEDPLI has the expertise to quickly get you a policy from an A-rated insurer no matter what your circumstances are.
Physicians often come to us after receiving a notice from their carrier that their coverage either won’t be renewed at the end of their policy, they are suddenly being dropped, or their rates have significantly increased. They are often shocked and confused when this happens.
What causes a medical malpractice insurance provider to suddenly cancel or not renew coverage, or increase the rate?
A doctor’s claims history. The frequency of the claims, and the severity of the claims, can affect your provider’s decision to cover you or charge more.
Claims Frequency: the number of filed claims against a doctor in a given period of time. Alarm is raised when 3 or more claims occur in a short period of time.
Claims Severity: the amount paid out on a given claim. The more costly the claim, the more impact that claim has when underwriters evaluate future insurability.
Allegations of misconduct or malpractice. Even though they may be false and ungrounded, doctors are still faced with a real and immediate problem until facts come to light and the issues are resolved. The legal process can take years just to get a dismissal from a case.
A physician’s history with the medical board. If a doctor’s medical license is suspended or revoked, it presents insurability issues, even if the suspension is unrelated to misconduct or malpractice (some doctors go through major life events that causes a license probation with a subsequent plan of recovery. In these cases, no harm has been done to patients). To prevent losing – or expedite regaining – malpractice insurance due to a medical board action, doctors should keep all documents that outline the cause for the medical board action, the remedies, and the current status. Presenting a clear picture is key; a forthright attitude will keep you insured.
A change in a doctor’s practice profile or change in procedures. MEDPLI recently helped a General Surgeon find a new insurance provider when he learned his carrier didn’t cover bariatric procedures, a new service he had begun offering. He thought his policy covered all surgeries and didn’t realize bariatric surgery was excluded (a fact that his agent should have alerted him to).
Other times doctors need a new policy when they decide to take on “non-standard” procedures. Many private practice primary care doctors get additional training to provide Botox, Dermal Fillers, and other aesthetic procedures which are often not covered by standard policies designed for an internist or family practitioner. In this case, you can get explore getting two separate policies or combine the different “risk exposures” onto one policy. Your insurance broker is the best person to advise you on how to ensure holistic, robust coverage.
What do you do when your medical malpractice coverage is non-renewed, canceled, or skyrockets?
Practicing without medical malpractice insurance is a disaster waiting to happen, so don’t leave it to fate if you lose coverage or are priced out of your policy. We have worked with many doctors facing non-renewal, rate increases and underwriting omissions, and we have found them all affordable coverage from A-rated carriers. We work with a network of hundreds of medical professional liability insurance underwriters, and our expertise will find the right replacement coverage that you will keep for years.
We are here for physicians in private practice, as well as doctors changing jobs. Whether you need a brand-new policy, replacement of existing liability coverage, or standalone tail, MEDPLI has your back. Call us at 800-969-1339 to get started with your medical malpractice insurance solution or request a quote.