Finding the right Medical Professional Liability Insurance Policy

January 26, 2024

The Doctors Insurance Agency specializes in finding the right Medical Professional Liability Insurance policy. We write insurance policies in many specialties. This includes the growing area of precision medicine. A Medical Professional Liability Insurance policy covers bodily injury alleged to have been caused by a negligent act of the provider.

Precision medicine, sometimes known as "personalized medicine," is an innovative approach to tailoring disease prevention and treatment that considers differences in people's genes, environments, and lifestyles.The global precision medicine market in terms of revenue was estimated to be worth $29.1 billion in 2023 and is poised to reach $50.2 billion by 2028, growing at a 11.5% in the next five years.

 Advocates of this new idea claimed that precision public health goes beyond personalized treatment for individuals, and in the public health field, the word 'precision' refers to improving “the ability to prevent disease, promote health, and reduce health disparities in populations by (1) applying emerging methods.”

The Doctors Insurance Agency specializes in a precise process that allows finding the right policy to cover your specific practice of medicine. There is some concern expressed by the Medical Professional Liability Insurance underwriters that a precision medical practice may not trigger the coverage provided by the policy. The theory is based on the fact that in order to trigger the policy, there must be a breach in the duty of care that is common and consistent with the medical specialty.

Recall the 4 elements required in order to trigger a cause of action against a provider. The four Ds:

▪Duty of care to a patient 

▪Dereliction of that duty 

▪Damages 

▪Directly caused by the dereliction

With precision medicine, the relationship with the client is more consistent with that of a business to its client. Personal or precision medicine emphasizes information and data which informs healthy lifestyle changes. 

1. The ‘liability trigger’ argument is as follows: If there are no medical services or procedures, then they're can't be injury caused by the provider.

2. The policy would not actually be activated by a healthcare professional providing information and council rather than medical service or procedures.

3. A traditional medical malpractice policy might not activate in the event of an allegation against the provider.

This is the concern about a medical malpractice policy and the challenge of insuring precision medicine practices. The Doctors Insurance Agency was founded to write ‘traditional medical malpractice policies with a conventional malpractice carrier. The underwriting guidelines adhered to the expectations and definitions of medical practice as set forth by the American board of medical specialties. We continue to write many policies that insure physicians practicing in accordance with these definitions.

They provide consultation diagnosis, medical service, prescriptions, and surgical procedures both though in- and out-patient care. And healthcare services and solutions are rapidly shifting to recognize the effectiveness of prevention and attention to wellness. Precision medicine, functional medicine [lifestyle, nutrition, coaching and counseling] are all outside of those definitions and arguably need a policy that is customized and wrapped around the services they describe in the applications.

Finding the right solutions depends on access to and relationships with the underwriters and surplus lines professional liability carriers. 

The Doctors Insurance Agency can place your precision medicine practice with an experienced liability insurance carrier that understands the unique services. As more physicians specialize in personal medicine, our industry will be asked to come up with risk management and insurance solutions for expanding services in precision practices. We are interested in continuing and further developing our knowledge and participation in this growing specialty of healthcare.