New York Medical Malpractice Insurance

The turmoil in the New York medical malpractice insurance market presents specific challenges to physicians who have chosen to practice in the state. eQuoteMD is available to assist doctors in New York in all situations. Whether you are starting a new practice, trying to offset a rate increase, or just simply looking for relief from the high premiums in New York. eQuoteMD’s access to a wide and growing variety of medical liability insurance companies allows us to find the lowest medical malpractice insurance premiums for your specific needs.

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• $1M/3M or $1.3M/3.9M — New York Limits of Liability
• “A” Rated Risk Retention Groups & Admitted Insurance Companies
• Coverage to protect a Multiple State Medical Practice
• Alternatives to MMIP
• Low Rates in Upstate New York
• New York State Licensed Carriers

• Excess Coverage
• Tail Only or “Stand Alone” Tail Policies
• Lower Rates Available in Nassau, New York, the Bronx & Queens
• OPMC Coverage
• Coverage Accepted at All Major Hospitals in New York
• Claims-Made or Occurrence Policies for New York physicians

Summary of New York Medical Malpractice Claims in 2009

• Total Number of Paid Medical Malpractice Claims — 1,293
• Total Number of Dollars in Paid Claims — $618,178,300
• Average Dollar Amount of Claim Payments — $478,096

New York Medical Malpractice Damage Cap Update

The state of New York does not currently have any limits on damages in medical malpractice cases. This includes lawsuits for pain and suffering, lost wages, and punitive damages. As of 2009 all but 15 states had caps on medical malpractice awards ranging from $250,000 to $500,000.

Recent Medical Malpractice Insurance Rate Increase in New York

On July 1, 2010, the New York State Insurance Superintendent approved an average of a 5 percent rate increase on medical malpractice insurance for the state of New York. This rate increase comes just after two years of medical liability insurance rate freezes. The goal was to hold the line on costs for physicians, but at the same time give the medical malpractice insurance companies in New York additional resources to pay malpractice claims.

The rate increase affected both of the state’s largest insurance companies (MLMIC and PRI), as well as two smaller companies (HIC and Academic Health Professionals Insurance Association). As a last resort, New York's state insurer (MMIP) obtained a rate increase of approximately 10 percent, which was much larger than the other medical liability insurance companies received. It is acknowledged that the system is one that is still in a medical malpractice crisis and is in need much of reform.

An Introduction to New York's Medical Malpractice Insurance Market

The state of New York is home to upwards of 95,000 physicians, all of whom must purchase physician malpractice insurance coverage for their medical practices. Medical malpractice insurance and tort reform are complicated issues in the field of modern medicine. These issues become more complex when they are discussed within the context of the state of New York. New York sports the most dynamic medical malpractice insurance marketplace in the country, filled with unique rules, regulations and guidelines. As one of the only hard markets in medical malpractice insurance today, the future of New York’s medical malpractice insurance market is uncertain, but there are some signs of improvement.

The Future of the New York Medical Malpractice Insurance Marketplace

While New York is currently experiencing a hard market with high premiums, there is hope. More medical malpractice insurance carriers are becoming interested in writing insurance in the state. This fosters competition and has already allowed some doctors to stagnate or even decrease their medical malpractice insurance premiums. As long as medical professional liability insurance carriers are willing to write in the state of New York, a full blown medical malpractice insurance crisis will be adverted.

Additionally, the state of New York is feeling additional pressure to bolster the tort laws due to its responsibilities in sustaining the guarantee fund and managing an evermore complex set of fiscal challenges with its admitted carriers. It is important to understand, however, the importance of a more doctor-friendly environment combined with the state’s willingness to enact positive change to quell New York’s medical malpractice insurance market.