New York Medical Malpractice Insurance

NY physicians and surgeons looking for medical malpractice insurance have more options than in the past. If you are looking for objective information, clarifications on the features and kinds of policies, premium information, or looking for a reputable broker, PriMed Consulting can be your trusted source.

PriMed Consulting is an independent medical malpractice brokerage, with access to several malpractice carriers. Our objective is to provide you with the most competitive premiums, without sacrificing value and long-term stability. We will provide you with clear, concise information; an analysis of your current coverage for additional savings/discounts; options based on your individual practice and your hospital requirements, and hopefully save you significant premium dollars.

NY physicians and surgeons looking for medical malpractice insurance have more options than in the past. The following are the major malpractice insurance carriers in the state:

NY State Admitted Carriers:

  1. Medical Liability Mutual Insurance Company (MLMIC): MLMIC is the oldest and largest carrier in the State. MLMIC is an admitted carrier, hence physicians insured through MLMIC have the State Guaranty Fund to protect them in case of insolvency of the carrier. In addition, MLMIC insured physicians may be eligible for the Section 18 Excess Insurance program for $1/3 Million in coverage that is provided at no cost to physicians.
  2. The Doctors Company: The Doctors Company is a California carrier that has recently entered the NY market. They have shown a great commitment to the state as they have become an admitted carrier in NY. They also write as a RRG in an effort to remain competitive on NY’s large groups. TDC is a physician owned carrier that is governed by doctors. TDC has a physician focus and provides their insureds with top notch support and service.
  3. Physicians™ Reciprocal Insurers (PRI): PRI is the second largest carrier in the State, doing business since 1982. Like MLMIC, PRI is also a State admitted carrier that makes their insured physicians eligible for the Section 18 Excess Insurance program, as well as the State Guaranty Fund in case of insolvency of the carrier.
  4. Hospitals Insurance Company, Inc. (HIC): HIC has a long-standing relationship with five hospitals in the New York City area. HIC provides more than 1,200 Voluntary Attending Physicians with Primary Professional Liability Insurance. HIC also underwrites Excess (Section 18) Professional Liability Insurance for physicians throughout New York State. The five hospitals that HIC covers are: Beth Israel Medical Center, Mount Sinai Medical Center, Maimonides Medical Center, Montefiore Medical Center, and New York Eye & Ear Infirmary.
  5. Medical Malpractice Insurance Pool (MMIP): 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 in the voluntary market 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 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.
  6. Academic Group: The Academic Group consists of two independent insurance companies and an insurance management company. The first company was founded by physicians and dental professionals to meet the unique professional liability insurance needs of teaching faculty, and owned and governed by members. The second company now provides insurance solutions for medical professionals beyond academia through their Risk Retention Group, Academic Medical Professionals Insurance Exchange (AMPIE).
    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 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 premiums.