In the last two years, the medical malpractice insurance options available to NY Physicians & Surgeons have significantly increased. With so many options to choose from, it becomes imperative for physicians to get a better understanding of the basic facts.
Physicians who are new to New York, starting a new practice, or are looking to review their medical malpractice insurance options would benefit from the brief summary below.
Premium determination: Premiums for medical malpractice insurance in NY are determined based on the following factors:
- Territory or County: Long Island, Bronx, Kings, Richmond, Manhattan are some of the most expensive counties for medical malpractice insurance in NY.
- Specialty: The specialty or classification and procedures performed determine the premiums.
- Claims experience & years in practice: The frequency of claims and the severity – both are taken into consideration by underwriters for medical malpractice insurance.
- Discounts: There are State approved discounts available such as: Risk Management, Waiver of Consent, Annual Prepay, Voluntary Attending Physician (VAP). There are also carrier specific discounts that may be available: Claims-free credits, Joint Defense discounts etc.
- Group discounts: In some cases, insuring physicians in a group may result in additional discounts for the entire group based on underwriting criteria.
- Corporation coverage: Do you need medical malpractice coverage for your PC or Entity? Some carriers offer this valuable coverage at no additional charge, while others charge an additional premium.
Premiums also vary among carriers based on their claims experience with specific specialties.
