How to Prepare for Your Physician Malpractice Insurance Renewal

60 Days Before Renewal

  1. Request loss run reports or claims history reports from all previous medical liability insurance carriers for at least the last 5 to 10 years.  Note: This should be done even if you have never been sued or filed a malpractice claim as proof that you have never had a claim..
  2. Gather copies of all medical board orders, consent orders, investigative reviews, etc.
  3. Update your CV with any recent changes

30 Days Before Renewal

  1. Contact your current broker.  If you do not know a broker, use eQuoteMD.com to find a reputable medical malpractice insurance specialist.
  2. Obtain the appropriate renewal application for coverage from your medical liability insurance broker
  3. Send your broker the following documents:
    1. Completed application, no older than 13 months (with any recent or planned practice changes noted)
    2. Curriculum Vitae
    3. Current insurance policy’s declarations page and endorsements
    4. Loss run or claim history reports from prior insurers dating back at least five years
    5. Written narratives for any past claims (with the outcome of the claim, whether it was settled, dismissed etc.), including any open claims
    6. Disciplinary action documents noted above

1 Week Before Renewal

  • Hopefully by now your broker has presented you with the competitive quotes that were offered from the available marketplace.
  • Review the offers with your medical malpractice insurance broker so that you fully understand the coverage being offered.  If there is savings available, you want to confirm that the lower cost option is not compromising the protection offered by your previous policy.  If a higher cost option is offered, it may truly have stronger, more comprehensive coverage.
  • Compare the “shopped” offers with your renewal quote from your current carrier.  Discuss your options with your broker.  If you are close to retirement, inquire as to what the affect will be on your retirement tail option if you switch insurers (this does not apply to occurrence policies).

Make your decision. Be sure to fulfill any outstanding coverage subjectivity’s to the insurer that have been requested as soon as possible.