With their exposure to personal liability, it makes it necessary for physicians 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. What this means is that up to a certain dollar amount, the insurance company will pay for the losses of the physician, and if the amount exceeds the dollar bracket, then the physician will have to pay for the excess.
This coverage limit is expressed in two types of inclusions: a per-occurrence limit where the insurance would state how much they would pay for a single loss or claim (commonly known as “an occurrence), and the aggregate limit is where the total amount stipulated in the policy is the amount that the insurer will pay in a given policy period -typically one year or $3 million per occurrence for aggregate limit and $1 million for per-occurrence limit.
When physicians are dealing with coverage limits in connection to what a petitioner can claim, there are other several complicated issues that they need to be aware of. 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.’
Where To Start with Options and More
Defense cost, is another issue that a physician should be mindful of when they go out to shop for a medical malpractice liability insurance. What is included in defense cost is the attorney fee, expert fee, and court fees which are not usually included in the coverage limit. The amount of settlement received by the physician after a court case will be deducted the defense cost by the insurance company. This is however not the case of all medical malpractice insurance companies, but their coverage limits are actually lowered down to cover this cost. Insurance companies only defend a physician up until the coverage limit is reached, and physicians should take note of this. Then the physician should hire his own attorney at his own expense. However, you can still find some policies that continues to defend you even after you have reached the limit of your coverage.
Finding Similarities Between Insurance and Life
Excess insurance is another protection for physicians. Excess insurance covers for the policy holder if the limit of the physician’s policy has exceeded.