Norcal declared a 2011 dividend, which will be returned to policyholders in the form of premium credits to eligible individual physicians, medical groups and healthcare facilities. The 2011 dividend equates to approximately 10 percent of eligible policyholders’ 2010 premiums.

Norcal has advised us eligibility for the 2011 dividend will be based on the following:

• Policyholder was actively insured and in good standing with NORCAL Mutual on September 30, 2010. (The dividend amount is based on the premium written for each eligible policyholder on policies with effective dates beginning on or after October 1, 2009 through September 30, 2010.)
• Policyholder renews his or her NORCAL Mutual policy for 2011.
• Policyholder is a physician, a physician group or a healthcare facility (excluding most emergency rooms) written on NORCAL Mutual’s Individual/Entity, Facility, or Group Policy Forms. ER groups written on the IE Form are eligible for the dividend.

Please note that the 2011 dividend will be paid only to those policyholders who meet all of the criteria listed above.

As a Norcal approved broker, Presidio Insurance Solutions can provide information as well as rate comparisons for all interested clients.

www.PresidioInsurance.com

Tags: dividend, Medical Malpractice Insurance premiums, medical malpractice insurance rates, NORCAL, Norcal Insurance, Norcal Mutual, Presidio Insurance, professional malpractice insurance

The California Department of Insurance has issued their annual report outlining the market share and written premiums of insurers writing medical malpractice insurance policies in California.  This is closely watched data as the failure rate for medical malpractice insurance companies is among the highest in the insurance industry.  The failure rate for companies looking to participate in the medical malpractice insurance industry exceeds 76% – a daunting figure for physician insureds.  Scores of physicians have been caught up in the catastrophic failures of various risk retention groups and interdeminty trusts, leaving physicians in a lurch as the insurance policies they paid thousands of dollars for now prove totally worthless.  Physicians and surgeons in California remember all too vividly the years of litigation prompted by the infamous failure of Physicians Interindemnity Trust in the mid 90s.

The state of California attempts to provide consumers with the information they need to obtain coverage from an insurer they deem financial stable.  Generally, the total written premium (all the money to be collected on policies the company issues to health-care providers like physicians and surgeons) and the incurred loss (a figure which represents claims paid out by the insurer plus this figure can include an adjustment for reserves set aside for claims to be paid) can provide a picture of medical malpractice insurers financial stability.  However, actual financial documents are also available on the insurance department website for further inquiry into the financial stability of any medical malpractice insurance company.

The Doctors Company easily topped the group market share list of medical malpractice insurance companies in California with over $200 Million ($210,609,883) in written premium.  Norcal Mutual Insurance Company a distant second with over $150 Million in written premium.  Medical Protective, the Berkshire Hathaway company, comes in at just under $30 Million in California.  Its worth noting  The Doctors Company acquired SCPIE (AHI) and this acquisition is reflected in thewritten premium, and Berkshire Hathaway remains strong on a national level though the California market share reflects a conservative and stringent underwriting approach offering medical malpractice insurance only for the best of the best.  A newer player in the medical malpractice industry, Fairway RRG reported just over $7 million in written premium for all of 2009 (and even more worrisome is the Fairway RRG incurred losses reported of over $3 Million for 2009).

California market share data should be considered prior to purchasing medical malpractice insurance - lest you find yourself with a medical malpractice carrier touting great discounted rates without the money to actually pay the claims.  With the exorbitant costs of medical malpractce insurance, you definetely need to consider if you get what you paid for.  Always, always, always check the AM Best Ratings and financial data before purchasing a policy because in medical malpractice insurance there is always safety in numbers!

Tags: california medical malpractice, fairway, fairway insurance, fairway rrg, Medical Malpractice Insurance, NORCAL, Norcal Insurance, Norcal Mutual, The Doctors Company

 Declining reimbursement in traditional OB/GYN practices has pushed many OB/Gyns to broaden their practice to include specialized, aesthetic procedures to bring in extra revenue.  Among those procedures commonly being considered by OB/GYNs, is laser vaginal rejuvenation.  This raises the issue of medical malpractice insurance coverage and whether special coverage is needed to insure physicians for performing vaginal rejuvenation and other medi-spa type procedures in their practices.  The answer to whether special or additional coverage is needed lies in the insurance contract of the current medical malpractice insurance carrier.  Some policies clearly state procedures considered outside the scope of a traditional practice are excluded, while others exclude any procedures not disclosed in the original application for medical malpractice insurance.  Continue Reading »

Tags: aesthetic medical malpractice insurance, med pro, Medical Malpractice Insurance premiums, Medical Protective, medispa malpractice insurance, NORCAL, obgyn malpractice insurance, presidio, Presidio Insurance, The Doctors Company, vaginal rejuvenation

Norcal Mutual Advocates Early Reporting of Medical Malpractice Insurance Claims

 Norcal Mutual Insurance Company recently stressed its position of early claim reporting by its medical malpractice insureds. “NORCAL Mutual continually stresses that there is no penalty for early reporting of incidents. Early reporting means we can put the insured at ease and confirm that the matter is covered. Equally important, it means we can help insureds avoid making the situation worse by, for example, making additions to the medical record or giving the record to the wrong party.” Continue Reading »

Tags: Lowest medical malpractice insurance premiums, Medical Malpractice Insurance, Medical Protective, Non-Renewal, Norcal Insurance, Norcal Mutual, Presidio Insurance, the doctors insurance

 hCG, or human chorionic gonadotrophin is a glycoprotein hormone produced in pregnancy.

During pregnancy, the placenta produces hCG which allows the body to mobilize fat and use it as energy for both mother and fetus.

Performed within Alternative Medicine Practices, although the process appears harmless (and reportedly has has little to no side effects), within a medical weight loss regimen, medical malpractice insruance companies are ballking at covering the hCG procedure.  The traditional “admitted” market carriers (for example,  Norcal, Medical Protective and The Doctors Company) will generally exclude this procedure altogether when seen within the alternative medicine setting.  A separate policy is available to cover this exposure.  We recommend alternative healthcare facilties specifically disclose the procedure to their medical malpractice insurance company to make sure the procedure is covered under their policy.

Presidio Insurance has a Medispa & Alternative Healthcare Practices Program that extends coverage for the hCG procedure, as well as any other alternative procedures (i.e. aesthetics, acupuncture, naturopathic medicine, etc.).

Visit our website wwww.PresidioInsurance.com or call us directly (800)317-6411 to speak with a Medispa/Alternative Healthcare Program Specialist.

Tags: alternative medicine malpractice, hCG, Medical Malpractice Insurance, Medical Protective, medispa insurance, NORCAL, Presidio Insurance, The Doctors Company