If you are a physician or other healthcare provider practicing in New York State, you do not have to purchase medical malpractice insurance in order to practice. That said, it is to a doctor’s advantage to get the best possible coverage because of New York’s high number of payouts and the amounts of those judgments or settlements. Learn more here about medical malpractice insurance in the Empire State.
No Legislated Limits Or Caps on Judgments
New York is different from other states in that it does not, by law, cap the amounts awarded in medical malpractice judgments. This means that if a jury finds in favor of the plaintiff, it can award whatever amount deemed appropriate for damages. For this reason, it’s important to get the best-possible coverage from an insurance company that understands the intricacies of New York State medical malpractice policies and what can happen in the event of a lawsuit or claim.
Rising Medical Malpractice Insurance Rates
New York State has some of the highest payouts for medical malpractice cases. New Yorkers also pursue a very high number of medical malpractice insurance claims and file numerous lawsuits against doctors and other healthcare professionals for perceived substandard care, errors and negligence.
As a result, insurance rates have been steadily rising over time in order to keep up with these high awards in New York. Although insurance companies continue to develop strategies for preventing medical malpractice claims and lawsuits–this is called risk mitigation–physicians live under the threat of large court awards or settlements.
Also, in New York and other states, some counties trigger higher malpractice policy rates because they are more populous and also have lower per capita income. These counties in New York are Richmond, Queens, Kings, the Bronx, and Long Island. A reputable broker can identify the medical specialties and practice locations which lead to high malpractice insurance costs.
Local Laws in New York State
In New York State, there is a statute of limitations on medical malpractice. Claims or lawsuits must be filed within 30 months of the supposed error or negligence. That limitation is wider for claims or suits filed on behalf of children. These actions must be filed within three years of the child reaching age 18 or no longer than 10 years after the alleged incident.
Also, in New York, doctors can apply for liability limits above the usual $1 million per occurrence/$3 million aggregate. According to the Medical Malpractice Reform Act of 1986, doctors can apply for New York State funding to extend coverage to $1.3 million/$3.9 million.
As such, it really is essential to work with a medical malpractice insurance carrier which specializes in New York State medical malpractice policies. Such an insurance provider will be able to provide individuals and healthcare organizations with the best possible coverage by understanding the scope and complexities of laws related to medical malpractice cases.
With the expertise of an experienced insurance broker company, such as eQuoteMD, policyholders can rest assured that they have access to comprehensive coverage from reliable providers in case of any legal action. Furthermore, they can also benefit from cost savings due to the customized plan designed specifically for them, as opposed to the generic policies available in today’s insurance marketplace.
New York State Insurance Carriers
In New York, there are two basic types of medical malpractice insurance carriers. They are admitted and non-admitted. Admitted carriers are closely state-regulated and may offer extended protection for their policyholders.
Non-admitted carriers–also called risk-retention groups–are not regulated. Risk-retention groups typically offer lower rates and more flexible policy features.
eQuoteMD is proud to partner with both types of insurers in New York, allowing policyholders the opportunity to explore their options and to find the best coverage for their needs. Regardless of which type of carrier you choose, we work hard to ensure that you receive the protection and peace of mind you deserve.
The Best Medical Malpractice Insurance in New York
At eQuoteMD, we deliver medical malpractice insurance options for all medical specialties in the state of New York and throughout the rest of the United States. We educate healthcare providers on their unique coverage needs and help them select policies with the right protection at the right price. We shop and compare only topnotch insurance carriers so you are assured of the quality and responsive service you deserve.
To learn more about our services, contact our St. Louis, MO, office at (856) 823-2803, or request a quote online here. We are ready to serve you on a wide variety of medical malpractice insurance topics and look forward to helping you secure the coverage you need. Let us find the best medical malpractice insurance in New York for you today!
