Considerations for Physicians in Choosing the Best Medical Malpractice Liability Insurance Policy Physicians are needlessly exposed to personal liability which is why it is important to be covered with malpractice insurance. When physicians choose a medical malpractice insurance, it is the one with the premium costs that protect the physician’s coverage limit that attracts them most. This means that the insurance company will only pay for losses sustained by the policy holder up to a certain dollar amount, and if the loss exceeds that dollar bracket, then the physician will need to shoulder the excess payment. In the coverage limit of the physician’s insurance policy, there are type times of inclusions – a pre-occurrence limit where the insurance would state how much they would pay for a single loss or claim, commonly known as an occurrence, while the aggregate limit is the total amount stipulated in the policy that the insurance will pay in a give policy period, typically one year or $ 3million per occurrence for aggregate and $1 million for pre-occurrence limit. There are several complicated issues that physicians should be aware of when they are dealing with coverage limits in connection to what the petitioner can claim. Even if there are clearly two separate demands that an insurer is entitled to claim, insurance companies would treat it as a single occurrence instead of two if there a similar sets of related phenomena. Physician’s need to know this beforehand because if multiple claims are considered a single occurrence for insurance purposes, then this claims will be governed by a single pre occurrence coverage limit.’
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Defense cost is another issue that a physician ought to be mindful of when searching for the best medical malpractice insurance policy. Defense cost include attorney fees, expert fees, and court fees which are usually not included in the coverage limit. What this means is that the net amount for a single occurrence that a claimant earns after a trail will be deducted the cost of your defense. There are medical malpractice insurance companies that lowers down coverage limit to cover defense costs. One other things that one must take note in reference to cost of defense is that, whenever a coverage limit is reached, the insurer tenders its responsibility to defend the physician. It now becomes the duty of the physician to hire an attorney and pay all other expense. Though some policies do provide that the insurer will continue to provide a defense even after the coverage lime is reached.
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Excess insurance is another protection for physicians. Excess insurance covers for the policy holder if the limit of the physician’s policy has exceeded.