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Choosing a Medical Malpractice Liability Insurance Policy It is important for physicians to be covered with malpractice insurance since they are needlessly exposed to personal liability. It is the premium costs that protect the physician’s coverage limit that attracts most physicians when they are looking for a medical malpractice liability insurance policy. What this means is that up to a certain dollar amount, the insurance company will pay for the losses of the physician, and if the amount exceeds the dollar bracket, then the physician will have to pay for the excess. This coverage limit is expressed in two types of inclusions: a per-occurrence limit where the insurance would state how much they would pay for a single loss or claim (commonly known as “an occurrence), and the aggregate limit is where the total amount stipulated in the policy is the amount that the insurer will pay in a given policy period -typically one year or $3 million per occurrence for aggregate limit and $1 million for per-occurrence limit. When physicians are dealing with coverage limits in connection to what a petitioner can claim, there are other several complicated issues that they need to be aware of. Even if there are clearly two separate demands that an insurer is entitled to claim, insurance companies would treat it as a single occurrence instead of two if there a similar sets of related phenomena. Physician’s need to know this beforehand because if multiple claims are considered a single occurrence for insurance purposes, then this claims will be governed by a single pre occurrence coverage limit.’
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Defense cost, is another issue that a physician should be mindful of when they go out to shop for a medical malpractice liability insurance. What is included in defense cost is the attorney fee, expert fee, and court fees which are not usually included in the coverage limit. What this means is that the net amount for a single occurrence that a claimant earns after a trail will be deducted the cost of your defense. There are medical malpractice insurance companies that lowers down coverage limit to cover defense costs. Another thing that a physician must take note of is that when he reaches his covered limit, the insurance company is no longer responsible to defend the physician. Then the physician should hire his own attorney at his own expense. There are some policies thought that do provide continued defense even after the coverage limit is reached.
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Another safeguard for a physician is what is known as “excess insurance”. When the limit of the physician’s policy is surpassed, this umbrella policy covers the excess.