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New York Medical Malpractice Insurance
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High malpractice premiums and limited carrier choices pose problems for physicians
practicing in New York State. While there is a robust 50,000-plus doctors still
practicing in the Empire State the current medical liability situation for NY physicians
does present serious complications. Comprehensive medical liability reform does
not seem to be on the cards anytime soon in New York.
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There are currently two primary carriers serving physicians in New York. In addition,
a Medical Malpractice Insurance
Pool (MMIP) provides coverage to "eligible health care providers" who are
unable to obtain medical malpractice insurance in the voluntary commercial market.
These "eligible health care providers" (including physicians, dentists and hospitals)
are assigned to existing, authorized medical malpractice insurers operating in New
York.
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Med Mal Rates for New York
Doctors in New York saw a 14% increase in rates in 2007. This followed increases
of over 7% every year since 2003. The following are average representative figures
that New York physicians paid in 2007 for medical malpractice insurance based on
location ($1.3M / $3.9M limits).
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General Area \ County |
Internal Medicine |
General Surgery |
OB \ GYN |
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New York City
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$25,300
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$84,000
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$152,100
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Nassau County, Suffolk County
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$31,500
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$105,000
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$186,000
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Upstate New York
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$10,750
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$36,000
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$65,300
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Source: Above figures are approximations across
various carriers serving the NY market. Underlying data taken from the Medical Liability
Monitor 2007 Rate Survey. The rates shown above should not be interpreted
as the actual premiums an individual New York physician pays for coverage.
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Real alternative options for New York doctors are available
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Given the rate approximations shown above and the seemingly unending yearly rate
increases many would agree that New York doctors are in need of serious rate relief.
However there are other options available to NY doctors right now. Get genuine alternatives
to the status quo from an experienced, licensed insurance professional dealing with
the New York med mal market. Receive friendly, personal service as well as the expert
advice and guidance you deserve. |
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Coverage Highlights include:
- A-Rated Carriers
- New to Practice Discounts available
- Claim Free Discounts available
- Prior Acts coverage is included
- Switch anytime - there is no need to wait until your renewal date
- Limits as high as $2M / $6M are available
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Every doctor's situation in New York is different so submit your
Free NY med mal quote request today and get a no-obligation price comparison
with your current policy.
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Recent Legislative Updates
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April 2008
On April 15, 2008 the New York Senate passed medical malpractice insurance legistation
( S.7038 ) that lowered
the required level of primary medical malpractice coverage that a physician or dentist
must have in order to qualify for the Excess Medical Malpractice Liability Insurance
Coverage Program from $1.3M/$3.9M to $1M/$3M.
"This critically important legislation would lower malpractice insurance premiums
by an estimated 6 percent across New York State," said Senate Majority Leader
Joseph L. Bruno. The bill has now been passed to the New York Assembly for action.
If enacted this piece of legislation would result in an immediate 6% reduction in
physician medical liability premiums.
The Excess Medical Malpractice Liability Insurance Coverage Program was created
in 1986 to help stabilize the rapidly increasing cost of medical malpractice liability
insurance in New York.
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Outlook - What's Does The Future Hold?
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Many observers have noted that the situation in New York cannot continue much longer
"as is". In order to ensure that there are enough qualified and experienced physicians
available to serve the people of New York it is likely that meaningful medical liability
reform will need to be enacted at some point.
Be sure to check back with CoverMD.com for updates on the latest developments in
New York and how these will impact what you pay for liability insurance.
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Disclaimer
All information in this article is provided for informational purposes only and
should not be used as the basis for making a decision regarding medical malpractice
insurance. For expert advice from licensed insurance professionals serving the New
York medical malpractice insurance market please request a
Free No-Obligation Quote.
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COPYRIGHT NOTICE: ©Copyright, 2008. NJSave LLC. All rights reserved.
No portion of this material may be used in any form whatsoever without the advance written
permission of NJSave LLC.
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