| | Winning the Game of Risk: Make The Right Malpractice Coverage Moves- Continued
Questions to ask
When assessing medical malpractice coverage, interested parties should inquire into the following:
The financial stability of the carrier.
This information should be a priority. Start with the carrier's A.M. Best rating.
State standards.
Is the carrier licensed by the state's department of insurance and in good standing?
State records.
Call state medical organizations regarding a company's reputation.
References.
Ask for them, call them.
Company history.
How long have they been in operation? Has their financial status remained steady or fluctuated?
Services.
Evaluate their local policy and claims service, their local defense counsel, their risk management education program offerings, and information regarding claims management.
Policy benefits.
Check for a consent clause, first. Other points to check include peer review coverage, reporting of incidents/claims, Medicaid/Medicare fraud defense, vicarious liability, defense of licensure proceedings, punitive damages coverage, defendant's reimbursement, and defense costs outside limits of liability.
Note that if another party-a healthcare facility, group, or locum tenens staffing firm-purchases coverage, providers should ask if they retain any rights regarding:
*Notice from the company.
*Claims management, defense counsel, and consent.
*Whether limits of liability are individual or shared.
*Outside work coverage.
*Prior acts coverage.
*Payment of Reporting Endorsement.
*Cancellation of policy.
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