Hospitals in New York have highly influenced the medical malpractice insurance market by making it a requirement that all physicianscarry a malpractice insurance policy only with carriers that have been chosen by the institution. In the past few years, we have found that hospitals areallowing more carriers in than ever before, which gives their staff more options. At this point, almost all hospitals in New York are accepting MedPro RRG and AMS along with the admitted market such as MLMIC, PRI insurance, HIC and Academic. New York hospitals have found that they need to allow more options for their staff and help those doctors who are looking for alternatives to the expensive premiums they are dealing with. However, when hospitals allow non-admitted carriers in to cover the exposure that occurs in a hospital setting, they must also do what they can to protect themselves. It is important that hospitals research all of the financial aspects of the RRGs as they currently are not backed up by the state guarantee fund. It is also quite important that all parties involved recognize that comparing coverage will become a challenge since free excess coverage is not available. Therefore, a doctor who is carrying a $1,3000,000/3,900,000 liability policy with a standard carrier might now need a policy with $2,300,000/6,900,000 to keep their hospital privileges. It will need to be looked at on a case by case basis and each doctor will need to work with each hospital in order to decide if extra coverage is needed or if there are limits that are required in order to keep their privileges. If the hospital does not require more insurance, than thephysician or practice will need to determine what limit works best for them. This is a personal choice and can be looked at in two different ways:
1)Higher Limits are Better
2)Higher Limits Mean a Bigger Target
When looking into the best malpractice insurance for your needs, it is important that you work with a broker you trust to help you navigate the waters. This will include your carrier options, the type of policy, the limits of liability and corporate coverage. At PriMed Consulting, we are local and are very familiar with the requirements of local New York hospitals. We will help you find the right carrier for your needs, help youdetermine what limits you should have and find out what you need for your corporate entity. Please contact us to schedule an appointment with one of our Account Executives at 800-528-3758.