SedRate Posted August 5, 2019 Share Posted August 5, 2019 I'm currently negotiating a contract with a hospital for a position. I have read multiple posts on here about having one's own policy rather than coverage under an umbrella policy. Does anyone have any more insight into the implications of an umbrella policy versus an individual policy? Is it worth spending an additional $3k+ to sign up for my own malpractice policy? I intend to contact some malpractice companies to inquire further but I thought I'd reach out to you guys on the forum. Quote Link to comment Share on other sites More sharing options...
SedRate Posted August 5, 2019 Author Share Posted August 5, 2019 For more details, the hospital said they will add me to their umbrella policy. No individual policy will be offered, unfortunately. All of the other benefits of the position are great and I'm ready to sign once I iron out this malpractice concern. Quote Link to comment Share on other sites More sharing options...
Cideous Posted August 5, 2019 Share Posted August 5, 2019 (edited) 90% of all jobs are like this. You will be under the company/hospitals policy. Virtually all carry a tail UNLESS the business/hospital goes under. Then you are screwed. I do recommend carrying the cm&f supplemental policy. It adds another 100/300 but also gives you your own attorney. Worth it if you are worried about it. Edited August 5, 2019 by Cideous Quote Link to comment Share on other sites More sharing options...
SedRate Posted August 5, 2019 Author Share Posted August 5, 2019 45 minutes ago, Cideous said: 90% of all jobs are like this. You will be under the company/hospitals policy. Virtually all carry a tail UNLESS the business/hospital goes under. Then you are screwed. I do recommend carrying the cm&f supplemental policy. It adds another 100/300 but also gives you your own attorney. Worth it if you are worried about it. Thank you for the information. I spoke with a malpractice lawyer who said the important thing to look for is a consent to settle provision. Basically, do I have the right to consent or not consent to settle. This may, in turn, affect what ramifications occur if a case is settled, e.g., the state PA board is notified that I settled a suit and the board may then inquire further. If there is no provision, the company/hospital can choose to settle even if I don't agree or consent. So even if I didn't do anything wrong and don't agree to settle but the hospital chooses to settle anyway, then I don't have the right to not consent to settling and I will have to deal with the ramifications out of the settlement, e.g., the board inquiring about a suit. Quote Link to comment Share on other sites More sharing options...
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