Medical Malpractice

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 firms can’t charge whatever they select, given that the state of New York should 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 NY Medical Malpractice insurers, such as MLMIC and PRI ought to contribute to the states high risk pool which inflates the cost of malpractice premiums. This contribution is one of the factors why NY malpractice premiums are so pricey.

HCP National is proud to provide an alternative to the high cost possibilities that the admitted NY malpractice market offers. We have access to a national Risk Retention Group who can now offer medical malpractice insurance in NY, in several instances at lower price. The RRG was began by MD’s who had been tired of the high cost of insurance.

Here are some of the features of the RRG:
• Claims Produced 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
• Reasonably priced Deductibles
• Premium Financing
Risk Retention Groups are usually not as high-priced, as the standard admitted insurers since they are not required to pay into NY State’s high risk pool. If you are a NY MD, let us show you how to lower your price on your medical malpractice insurance in NY.

HCP National is medical malpractice insurance broker in NY, Malpractice Broker TX, Med Mal Broker CA and Malpractice Broker in FL. 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 total policy can describe coverage.