The Pool, or MMIP, provides medical malpractice coverage for physicians and health care providers who are NOT able to get malpractice insurance in the voluntary market.
New York, especially the five boroughs (Bronx, Brooklyn or Kings County, New York County, Queens and Richmond) and Long Island, have some of the highest medical malpractice rates in the nation. NY is one of the states that has not enacted any kind of tort reform capping payouts, resulting in steadily increasing med-mal insurance premiums.
Voluntary Insurance Carriers in NY: ’ Reciprocal Insurers (PRI)), Medical Liability Mutual Insurance Company ((MLMIC),), and “The Pool ((MMIP),), are the only NY State admitted carriers providing coverage in the voluntary market.
In recent years, Risk Retention Groups ((RRGs)) have entered the NY market, offering competitive premium rates.
Often referred to as “the insurer of last resort MMIP provides insurance for physicians and other health care providers who are not able to get insurance due to underwriting reasons such as: excessive claims activity, excessive settlements, revocation of license issues, temporary revocation of hospital privileges, Medical Board sanctions, etc. It is of no surprise that MMIP charges premium rates that are well above those charged by PRI or MLMIC, sometimes as high as 200-300% of standard rates.
Physicians applying for coverage through MMIP can get limits of $1/3 Million or $1.3/3.9 Million. Physicians who apply for the higher limits and complete the required Risk Management Course can be eligible for the free excess coverage as well.
As more and more hospitals in NY are now accepting physicians insured by RRGs, many physicians insured with MMIP or applying to MMIP can also consider their options with the various RRGs offering medical malpractice coverage in NY.
PriMed Consulting is an independent medical malpractice insurance agency, with access to several carriers in the voluntary market, as well as RRGs. To discuss your med-mal coverage options and determine the best coverage for you and your practice, contact us.