The past 5-10 years have been a 'buyers market' for independent physicians in search of medical malpractice insurance coverage. Pricing has been going down year over year and more carriers are entering the market. In the last year, we have seen 7 insurance companies go insolvent. Underpriced coverage, large judgements, reinsurance availability and carriers operating at an underwriting loss are factors pointing towards a hardening malpractice marketplace. It is important that independent physicians understand their options. Malpractice contracts can be complicated, and sometimes even confusing for a provider who is navigating the selection of the best possible contract, at the best possible rate, or to meet a specific need. The goal of this activity is share insights on claims trends and the other forces that determine pricing; examine the basics of medical malpractice insurance terms, and the various contracts available to the independent physician; and provide tips on risk management strategies to mitigate risk to malpractice claims.
