NY Physicians who have excellent malpractice claims experience can now qualify for additional discounts on Their Malpractice Insurance Premiums. The NY State Insurance Department approved a new Claims-free discount of 7.5% for qualifying physicians, effective July 1, 2011.
To qualify for the claims-free discount a physician must:
- Have been in practice for a minimum of five years, AND
- Have no open claims (or suits), and no closed claims (or suits) with any paid indemnity or expense within the past 5 years – regardless of the incident date or report date.
Any physician who is claims free for the 5-year period immediately preceding will qualify for the discount. The discount will also apply to new applicants who provide claims free loss histories and meet the qualifications above.
How you can qualify:
- If you are insured with a NY admitted malpractice insurance carrier such as PRI or MLMIC, and have insured by them for over 5 years, the carrier may have all pertinent information to determine if you qualify for the discount. If need be, the carrier can ask for additional information.
- If you are a new applicant for medical malpractice insurance, you would need to provide claims information and claims reports for the previous 5 years.
We can help: :
The experienced professionals at PriMed Consulting can provide assistance with your options and make it easy to apply for your medical malpractice coverage. PriMed has been working with physicians in NY since 1996. Our objective is to provide you with the most competitive premiums, without sacrificing value or stability. PriMed Consulting: 800.528.3758. Email: firstname.lastname@example.org