Graduate111 Posted March 25, 2018 Share Posted March 25, 2018 I've heard it's a good idea for PAs to purchase their own policy for malpractice in addition to the malpractice insurance their employer supplies. I am thinking of doing this but what are the benefits? Any recommendations? Link to comment Share on other sites More sharing options...
sas5814 Posted March 25, 2018 Share Posted March 25, 2018 I have always kept a small policy in my own name. The main advantage is, if there is a malpractice claim, the policy and the attorneys work for you. If you have your coverage from your employer the attorneys work for the organization and, while they will try to look out for your interests, they work for the organization. I am currently insured by my employer...a major hospital organization. If I am sued they will represent me. If the organization decides to settle the case I don't really get a vote and its my name that ends up in the databank as having been successfully sued. It won't affect them at all. One employer had a rider that said if they wanted to settle and I didn't and I lost the case after it went to trial I was personally liable for the difference between what the settlement would have been and what it became after a trial. Lastly it lets me moonlight and not have to be covered by anyone else's policy. That makes me more marketable. Link to comment Share on other sites More sharing options...
Graduate111 Posted March 25, 2018 Author Share Posted March 25, 2018 Do you purchase your own claims made policy or occurrence policy? Link to comment Share on other sites More sharing options...
sas5814 Posted March 25, 2018 Share Posted March 25, 2018 Occurrance.... only way to go IMHO. I have changed providers and policies a few times. It keeps me from needing tail insurance. Link to comment Share on other sites More sharing options...
surgblumm Posted March 25, 2018 Share Posted March 25, 2018 You have heard correctly. Today, hospitals and medical groups dissolve and join other larger entities and systems and when they do your malpractice insurance is no longer a guarantee. Not that it ever was a guarantee as a hospital malpractice insurance will firstly protect the hospital and the BOD, secondly; the physicians and surgeons and lastly; the employees which we are considered in this venue. We all have the opportunity to purchase a personal liability insurance with your name on the title which covers you for a multitude of services including all that you do in your role at the hospital. CM&F, the AAPA endorsed policy; has a special rate for new graduates which is a fraction of what we dinosaurs pay. Yes, this is the insurance you need and should pursue. CM&F offer an A++(Superior) rating by A.M. Best. they are in New Your and cover PAs and NPs in every state in the union. Link to comment Share on other sites More sharing options...
Cideous Posted March 26, 2018 Share Posted March 26, 2018 22 hours ago, surgblumm said: You have heard correctly. Today, hospitals and medical groups dissolve and join other larger entities and systems and when they do your malpractice insurance is no longer a guarantee. Not that it ever was a guarantee as a hospital malpractice insurance will firstly protect the hospital and the BOD, secondly; the physicians and surgeons and lastly; the employees which we are considered in this venue. We all have the opportunity to purchase a personal liability insurance with your name on the title which covers you for a multitude of services including all that you do in your role at the hospital. CM&F, the AAPA endorsed policy; has a special rate for new graduates which is a fraction of what we dinosaurs pay. Yes, this is the insurance you need and should pursue. CM&F offer an A++(Superior) rating by A.M. Best. they are in New Your and cover PAs and NPs in every state in the union. I carry the CM&F supplemental policy. It piggy backs off of your main employer policy. About $800 per year. Expensive, but at least the lawyer will be working for me. Link to comment Share on other sites More sharing options...
Moderator ventana Posted March 26, 2018 Moderator Share Posted March 26, 2018 3 hours ago, Cideous said: I carry the CM&F supplemental policy. It piggy backs off of your main employer policy. About $800 per year. Expensive, but at least the lawyer will be working for me. $800 per year is cheap!,! Link to comment Share on other sites More sharing options...
Cideous Posted March 27, 2018 Share Posted March 27, 2018 9 hours ago, ventana said: $800 per year is cheap!,! It's only 100k/300k add to main policy. The real reason I keep it is the strong lawyer defense. I pray pray pray I never have to ue it. Link to comment Share on other sites More sharing options...
Graduate111 Posted March 27, 2018 Author Share Posted March 27, 2018 31 minutes ago, Cideous said: It's only 100k/300k add to main policy. The real reason I keep it is the strong lawyer defense. I pray pray pray I never have to ue it. Is this for occurrence malpractice policy? That is a good price! Link to comment Share on other sites More sharing options...
Moderator ventana Posted March 27, 2018 Moderator Share Posted March 27, 2018 cinch insurance out of boston ma is a new company https://www.itsacinch.com/ only about $1600/yr as compared to my prior $3500 - which was better then CMF at $6500 Link to comment Share on other sites More sharing options...
GetMeOuttaThisMess Posted March 27, 2018 Share Posted March 27, 2018 Our group umbrella tail is 175% of premium for 24 mos. additional coverage (SOL in Texas w/ some exceptions). Don’t know how they would break that down for a line provider. Declaration page doesn’t say. BTW, for those of you under a CM umbrella policy, get a copy of the declaration page for your own records. BTW, "SOL" is statue of limitations for those of you with dirty minds. Link to comment Share on other sites More sharing options...
surgblumm Posted March 28, 2018 Share Posted March 28, 2018 On 3/26/2018 at 10:05 AM, Cideous said: I carry the CM&F supplemental policy. It piggy backs off of your main employer policy. About $800 per year. Expensive, but at least the lawyer will be working for me. You are then doing fine but see how long you may use it. Link to comment Share on other sites More sharing options...
Cideous Posted March 29, 2018 Share Posted March 29, 2018 On 3/26/2018 at 9:54 PM, Graduate111 said: Is this for occurrence malpractice policy? That is a good price! Yup, occurrence. It piggybacks on my main policy through my locum company and kicks in if they crap out or goes over limits, but the defense is on from day one. Who knows, like I said I pray I never have to use it. Link to comment Share on other sites More sharing options...
surgblumm Posted April 8, 2018 Share Posted April 8, 2018 A comment on the new company. It has no prior history, no history of how it handles claims, no proof that it can handle a large verdict against you and no experience noted that will kick you out after one suit or give poor coverage. This was the reason that my boards and I went searching for an insurance company that had a history. One of the others sent an attorney to my deposition who not only forgot my paperwork but was drunk. Go CM&F and you will have security. Bob Blumm Link to comment Share on other sites More sharing options...
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