Physicians Insured on Medical Malpractice Insurance Policies, with Standard Carriers should be aware of the importance of protecting their own policy. Lately, we have encountered a number of physicians who have taken extra work serving as Medical Directors of Medical Spa Insurance, Skin Centers, Clinics or Home Health Agencies. The problem with this extra work is that they are either not asking or assuming that the extra duties as Directors are covered under their medical malpractice insurance policies.
When a physician is asked to provide these services, just ask for help placing a stand alone medical director policy. The Stand Alone Medical Director Policy will cost less per year than the cost of the lost claims free discount if a claim comes in to a physician who has added these services. We refer to these policies as a fire wall between the medical director work and the specialty of the physician. These policies are usually underwritten by Lloyda of London, covering all administrative duties and patient care. Lloyd's does offer an option to cover medical directors who also provide patient care, less than 50 % of the time. These stand alone policies are available nationwide, with limits lower than 1 Million/ 3 Million if necessary.
Standard Carriers, like The Doctors Company, Medical Protective, Philadephia, Norcal, and others can add this coverage by endorsement, extending coverage under the base medical malpractice policies, and we can help you with that need. We do recommend a stand alone, separate policy to make this coverage more effective for the facility and the physician.