If an insurer is admitted in the state of New York their rates are regulated, and filed with the state. This gives the policyholder the security that the insurance companies cannot charge whatever they choose, since the state of New York must approve it.

Admitted New York Malpractice insurers are also part of the state guarantee fund. The purpose of this fund is to be a backstop. This means that if an admitted insurer goes under and leaves policyholder uncovered for claims, the state fund will provide coverage.

Further, admitted insurers, such as MLMIC and PRI must contribute to the states high risk pool which inflates the cost of malpractice premiums. This contribution is one of the reasons why malpractice premiums in New York are so expensive.

HCP National is proud to provide an alternative to the high cost options that the admitted malpractice market offers. We have access to a national Risk Retention Group who can now provide medical malpractice insurance at  a lower cost for many cases. The RRG was started by MD’s who were tired of the high cost of insurance.

Here are some of the features of the RRG:

• Claims Made Policy
• 600 physicians insured and growing with coverage in 20 states
• It is reinsured by an “A” rated insurer on a ground up 80/20 quota share. Meaning the “A” rated reinsurer takes 80% of the risk and the RRG 20%
• Physician Owned and Managed
• Non- Assessable Policy
• Risk Management for all members
• Affordable Deductibles
• Premium Financing

Risk Retention Groups are usually not as expensive as traditional admitted insurers since they are not required to pay into the state’s high risk pool. If you are a MD in New York, let us show you how to lower your cost on your medical malpractice insurance.

This blog is a brief description of a new lower cost NY malpractice insurer’s coverage. Do not rely on this blog for an explanation of the coverage. Only a complete policy can describe coverage.