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Once considered outside of the mainstream by the medical establishment, chiropractic is increasingly accepted as a legitimate, though still "alternative" form of medical treatment. The practice of chiropractic is, itself, evolving; becoming ever more specialized and sophisticated. Developments such as these, along with the general public’s greater acceptance not only of chiropractic, but also of all forms of "alternative" medicine & healing, have brought Doctors of Chiropractic increased respect, visibility, and financial success. Indeed, it is increasingly common to see medical offices that combine both the traditional services of an M.D. with the complimentary services of a D.C. – all under one roof! Indeed, many insurance companies are recognizing the value and expertise of chiropractors in both the diagnosis and treatment of muscular-skeletal injuries and conditions. More and more managed-care plans now have at least some provision for chiropractic treatment - though this is not yet by any means universal. In addition, insurance companies are looking to chiropractic examination as part of the claims process; particularly in the evaluation of workers compensation and personal injury claims. Several national insurers, as well as a number of smaller state-specific carriers offer chiropractors’ professional liability ("malpractice") insurance. Some insurers have even developed a special niche in the coverage of "impaired risk" cases - chiropractors that have an adverse claims history or disciplinary records. If you find yourself in this situation, please follow this link to my page on impaired-risk medical malpractice coverage. Otherwise, whether you are presently insured and are looking for a review of your coverage, or are a recent chiropractic graduate looking for your first professional liability policy, I would be happy to help. Some carriers write coverage on a "claims-made" basis; some write coverage on an "occurrence" basis; and some offer a choice. Which you now have, or which you choose for your first policy will have an impact on how your are insured in the future. All else being equal, it is my own opinion that occurrence form policies are preferable, since it alleviates the need for purchasing an extended reporting "tail" in the future. Of course, in the early years, claims-made policies are usually less expensive, though each year of a claims-made policy usually brings in increase in premium, reflecting the lengthening "prior acts" or "retroactive" coverage date. Ultimately, after five or six years, the claims-made policy generally ends up slightly more expensive than the occurrence policy. Unfortunately, it is not easy – and usually very expensive – to switch from a claims-made policy to an occurrence policy, since you must purchase "tail" coverage for the period that claims-made coverage was in force. This can cost between 75% to as much as 250% of the annual premium! Thus, great care should be taken when deciding what type of policy to purchase – particularly early in one’s career. This does not mean that claims-made policies are "right" or "wrong" – I can and do handle both types – it simply means that it is important to base your decision on more than simply the "cheapest" coverage. As my mother always tells me, "there’s no such thing as a free lunch!" Limits of liability are usually written at the traditional medical malpractice levels of $1 Million per occurrence, with a $3 Million aggregate, though both higher and lower limits are available. Please
feel free to click here Thanks for visiting, and I look forward to speaking with you soon. Bruce R. Swicker
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Copyright 2002, Bruce R. Swicker, "The professional's insurance professional!" All rights reserved. |
