The majority of doctors in Colorado are with the one insurer who dominates the market. That insurer has been over charging by 40 to 60%. The same insurance coverage can be purchased with no loss in coverage or need for tail for much less. It’s time to start saving your bottom-line from insurance firms who are not providing you with the best rates in the market.
At HCP National Insurance Services, we work with one of the largest malpractice insurers in America who is rated A++ and who can provide the same coverage as your current insurer at discounted rates. With no loss in coverage, a maintained retro-date, and free retirement tail after one year of coverage, it’s a win-win! Who wants to pay more for the basically the same product.
Have you had previous claims or medical board issues?
No problem. We understand that some doctors may be in a non-standard market due to past claims or perhaps a medical board issue; HCP National Insurance Services has access to 15 different non-standard insurers in Colorado and can obtain the best deal possible for your unique situation. Don’t get trapped with the same insurer year after year because of past claims. It is time to find a lower cost alternative and start saving, while maintaining your coverage. Also we have a high success rate at getting doctors back into the Standard Market.
Claims Made Insurance – Most Med Mal insurance policies are written on a claims made basis. A claims made malpractice policy covers any eligible claims brought during the claims made policy period. There are two events for claims made medical malpractice coverage to apply. The incident must have occurred during the policy coverage period (from the retro date going forward) and it must be reported during the active policy year.
Occurrence Coverage -An occurrence malpractice insurance policy covers any claims that occur during any policy years that you had the coverage. You do not have to buy tail insurance with this type of coverage, because it covers wrongful acts that occurred during the policy period, whether the policy is currently active or not. Occurrence Med Mal is more expensive because it has more coverage and eliminates the need for tail coverage. If one has claims made policy and are forced to buy tail then the price is equivalent to an occurrence policy
Prior Acts Coverage -There is no coverage for any wrongful act that occurred prior to the retro date. For example, if you have a retro date of 01/01/2001, you can submit a covered claim to your current carrier for claim that happened anytime after 01/01/2001. If the act occurred prior to your policy retro date, your carrier will not respond. At HCP National Insurance Services whenever possible our quotes provide full prior acts. A doctor does not need to buy tail, in most cases, when he or she moves their malpractice insurance. What this means for you and your practice in Colorado is that there is no loss in coverage.
If the policies and the coverage are very similar or the same, why would you pay $50,000 for something that you can get for $30,000? It makes no sense.
Reimbursement rates are very tight and providers need to cut expenses. This is an easy way to save 1000’s of dollars each year without losing coverage We are sure you can find better use of the money than over paying an insurance company.
One of the biggest concerns and misconceptions we hear from physicians is that if they switch they will have to buy tail coverage. This is not true in most cases. At HCP National Insurance, we make sure your new coverage matches your current policy and goes back to your retro-date so you don’t have any gaps in coverage or have need of tail.
Other reasons why doctors don’t move their malpractice is out of a misplaced loyalty. They will be loyal to their insurer because maybe they had a claim many years ago and they covered it and therefore they feel obligated to stay with that insurer. Loyalty should be a both ways, if we can save you 40 t0 60% on your malpractice insurance, how is your current insurer being loyal to you?
It’s time to start saving and treat your insurance company like any business relationship. You deserve the best price and coverage available. If your carrier is not willing to do that, then you need to move elsewhere.