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malpractice insurance
- Thread starter tinci
- Start date
tinci said:I will be a hospital employee and they pay for a malpractice insurance
Is it a good idea to get my own as well? Or not?
I am in psychiatry
Thanks
For how much are you covered? usually a hospital covers insurance for about 1.5-2 millions (more than enough). I mean pays to be covered. I had the same issue 2 years ago and when I found out that I have to pay 10-15K per year, I quit.
tinci said:Hospital covers 1,5/3,o million
They pay for that, I do not pay anything. Somebody told me that in case of malpractice hospital may try to protect themselves and you are left alone
If you make a mistake and you represent the hospital, the insurance should cover both, you and the hospital. I'm sure you signed a contract. Go there, see who's the company which covers "you" and give them a call! Check if the insurance is in your name, or hospital's name!
I have so many friends which are also physicians, but I've never heard any of them to pay a separate insurance coverage. I also heard that some hospitals offer 1 or 2 years coverage even after you live the hospital. Who knows which smart guy wakes up meanwhile to sue "you"?
I say "you" because you represent the hospital.
More likely than not, this will just mean that you are covered through some sort of group contract the hospital has with one of the major insurers. You would have a policy with your name on it and you would be covered just like anyone else. The limits sound typical.
The issue, you have to look at is how your contract with the hospital deals with the issue of 'tail' coverage (or the more precise insurance term would be 'reporting endorsement') The way 99% of malpractice insurance is written these days, it only covers you for claims brought against you WHILE YOU HOLD AN ACTIVE POLICY ('claims made coverage').
So, the problem arises once you leave that hospital, if someone you harmed during your tenure there brings a suit 3 years later (average time), you are not covered. Malpractice insureres offer a special policy (the 'tail') which if you buy it covers everything reported after you terminated the malpractice policy. This 'tail' typically costs between 1-2.5 annual premiums. This can easily be 50-100k depending on your specialty. Make sure that your contract with the hospital addresses this issue. If it is not addressed, buying the 'tail' is YOUR responsibility (or buying 'prior acts' coverage from the insurer you join afterwards).
The issue, you have to look at is how your contract with the hospital deals with the issue of 'tail' coverage (or the more precise insurance term would be 'reporting endorsement') The way 99% of malpractice insurance is written these days, it only covers you for claims brought against you WHILE YOU HOLD AN ACTIVE POLICY ('claims made coverage').
So, the problem arises once you leave that hospital, if someone you harmed during your tenure there brings a suit 3 years later (average time), you are not covered. Malpractice insureres offer a special policy (the 'tail') which if you buy it covers everything reported after you terminated the malpractice policy. This 'tail' typically costs between 1-2.5 annual premiums. This can easily be 50-100k depending on your specialty. Make sure that your contract with the hospital addresses this issue. If it is not addressed, buying the 'tail' is YOUR responsibility (or buying 'prior acts' coverage from the insurer you join afterwards).
Insurance coverage limits.
hadron,
For radiologist, what is typical insurance coverage? Is $1M per occurance and $3M limit per year for State of Maine is enough/ok?
Is there a place I can find out insurance coverage statistics by State? I suppose it is different from state to state, correct?
Thanks,
hadron,
For radiologist, what is typical insurance coverage? Is $1M per occurance and $3M limit per year for State of Maine is enough/ok?
Is there a place I can find out insurance coverage statistics by State? I suppose it is different from state to state, correct?
Thanks,
Insurance coverage limits.
Thanks,
How do I find out if Maine is such state?
Yes, I'll be doing mammo, should I be concerned?
hadron said:I don't know whether 1m is enough. In some states there is a patient compensation fund for anything over 1m, I don't know whether maine is such a state.
Are you doing any mammo ? If you do, 20m won't be enough...
Thanks,
How do I find out if Maine is such state?
Yes, I'll be doing mammo, should I be concerned?
Did you take that job in Rumford that spectrum is advertising like old bread for years now ?
If you are joining a group, you should get the same coverage as all the other employees/partners.
Contact the state insurance department. They might have some stats as to how high of a coverage is customary. I don't remember ME to be a hotbed of malpractice litigation.
If you are joining a group, you should get the same coverage as all the other employees/partners.
Contact the state insurance department. They might have some stats as to how high of a coverage is customary. I don't remember ME to be a hotbed of malpractice litigation.