Medical Malpractice Insurance
Professional liability coverage for physicians and facilities against claims of negligent care causing injury.
Overview
Policies split into occurrence forms, covering any incident while insured no matter when claimed, and claims made forms, covering claims reported while in force, with tail coverage purchased at career changes or retirement. Premiums vary enormously by specialty and geography, with neurosurgery, obstetrics, and orthopedics at the top and six figure annual premiums in some states. Tort reform fights over award caps are permanent policy business, with many states limiting noneconomic damages. Physician founded mutuals dominate several states after commercial exits in the 1970s crisis. Claims frequency is lower than perception but severity and defense costs are high, and consent to settle clauses give insured doctors a voice in settlements.
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