Medical Malpractice Insurance - Stand Alone Tail and Stand Alone Labs

The unique challenge about insuring a medical lab is this:

When do you need to purchase one?  There are times when the medical malpractice insurance policy can easily be endorsed to include the lab part of the medical practice.

And, if the Lab is independent from the physicians,  then it is a simple decision:  go to the market, Or, let us go to the market for you.  Our experienced medical malpractice insurance agents represent over a dozen insurance Carriers specializing in policies that cover Endoscopy Centers, Pathology Labs, Clinical Research,  Imaging Centers,  Surgery Centers, etc.

Our Medical Laboratory Professional Liability Insurance Programs covering different medical labs are available for: Medical Testing Facilities, Imaging Facilities, Individual Technicians, Doctors Laboratory Technicians, Clinical Laboratory Technicians, Medical Technicians:

We have one pathologist who  began to associate with a special type of Immunopathology:  His simple pathology practice expanded,

Overnight, beyond county and state borders, using the internet.  Very quickly, his medical malpractice policy was pushed beyond that which it was originally intended:  His Internet Based Medical Research Company specializes in researching  and treating couples who were experiencing recurrent miscarriages, multiple pregnancy losses and/or repeated in vitro fertilization failures. Through this specialized science and an understanding of the immune system in pregnancy, this center now works with couples to help them achieve success in pregnancy.  Our conventional medical malpractice insurance policy is still in place protecting the pathology services this physician provides…but we (our agency) helped him place two more important policies:

A comprehensive Professional Liability Policy protecting this internet based medical practice of consulting, diagnosis and prescriptive healthcare/fertilization services’

Additionally, we placed a robust internet liability policy protecting the protected data which is passed over the internet, through a web portal and passed from doctor to doctor to patient.  The HIPAA regulations required this confidential responsibility within medical practices,  the Hitec act heightened the responsibility to include the electronic health records of the patients and facilities. 

More Examples of the types of Professional Liability Insurance Policies that we provide: Pathology Laboratories,  Clinical Microbiology Laboratories, Genetic Laboratories, Clinical Biochemistry Laboratories, Hematology Laboratories, Drug and Alcohol Screening, Laboratories.

Our policies are comprehensive professional liability policies, which  can include Medical Directors for their administrative duties and for their direct patient care.

Professional Liability and General Liability on a claims made basis with prior acts is available as needed.

Adding the coverage to a physician policy or writing an Independent Center Liability Policy:

Imaging Centers carry liability risks just like surgery centers, medical spa’s, or any other healthcare organization providing specialized services, independent of one particular medical practice.  There are MRI, CT, PET and all scanning types or services that might be performed at any of these facilities:  The insurance can be aggregated with the insurance of any physician owners and third party radiologists; and other practitioners and technicians providing services.  Thousands of premium can be saved by imaging center owners by finding the right liability insurance policy. 

Demand also increases for StandAlone Extended Reporting Period Policies:  Carriers and underwrites are pushing their somewhat recently expanded markets for extended reporting period (ERP) or Tail coverage policies in anticipation of increased demand.  Fueling the expected demand will be the continued consolidation in the healthcare industry as well as physicians turning toward employment within hospitals and larger groups.  Insurance companies provide purchasable tail coverage that can be tacked onto a non-renewing claims made policy, but pricing can be very high depending on specialty and venue.  A larger need for specific ERP policies as well as the potential to boost declining premium numbers will push more carriers to provide such standalone products.   Lloyd’s of London will be a large provider, a usual innovator of these policies.  Managing General Agents expect that he merger and acquisition environment to drive interest in these policies provides a safe, reasonably risk free business climate which will garner strong interest in these products.  The products came about after many insurance agents expressed concern that existing tail coverage offer to physicians and the entities were unfairly priced without regard to the merit of the underlying risk.  There was not enough market dynamic at play to price these policies fairly. 

Limits of 1 Million / 3 Million are available as well as larger excel limits.

Can you purchase a standalone tail policy before signing that next contract:

The situation that we are seeing most often is that a physician is shocked at the first offer of tail. they (unwittingly) decide not to take that offer, only to find that they are looking at a job offer from a large hospital physician group months later, and the big question is:  Did you purchase tail?  And, then rather than answering yes, or even before they say no,  they are looking into the market to see if we might be able to find one for them. Prior to these last couple of years, the answer was, almost without question, none available.  Now, there are many resources and often for the right premium, you can find a standalone offer to match the risk.

 

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