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Professional
liability ("malpractice") insurance for podiatrists (DPM's) has
customarily been written on either a claims-made or occurrence basis, with basic
liability limits of $1 Million per incident, with a $3 Million policy aggregate.
Excess limits are generally available, either on an individual basis or through
a healthcare facility, such as a clinic or a hospital.
Underwriting
is based upon a number of different factors, and each insurance company has
their own set of criteria:
 | NATURE OF PRACTICE:
Obviously, some practices are far more prone to litigation than
others. Areas of podiatric medicine that are particularly high-risk
include major surgery, especially surgical treatment of diabetic conditions.
Premium costs aside, certain insurance companies are simply more comfortable
with certain practice profiles than others. |
| LOCATION:
Where a podiatrist practices can have a significant impact on his/her
premium. Underwriters are keenly aware that courts and juries in
different jurisdictions often come up with vastly different verdicts.
For instance, in my home state of New York, doctors who practice in Nassau
or Suffolk Counties will pay a higher premium than, say, one who practices
in Manhattan (New York County) or Queens County. Upstate practitioners
will pay even less. |
| FULL TIME /
PART TIME: How
many hours a podiatrist practices each week is also a factor in pricing the
policy. Generally, 20 or more hours per week is considered "full
time" and under 20 hours is considered "part time." |
| TEACHING CREDITS:
Some insurance
carriers provide discounts to podiatrists who spend a significant portion of
their time teaching. |
| CONTINUING
EDUCATION: While
the requirements vary from state to state, most insurers provide discounts
to podiatrists who attend certain continuing education or loss control
courses. Many insurance companies sponsor these courses for their
policyholders. |
| CONSENT TO SETTLE
CLAUSES:
Insurance companies will sometimes offer discounts to podiatrists who agree
to allow the insurer to decide when and if to settle claims. It is my
experience, however, that most doctors prefer to maintain their right to
consent to a settlement. |
| CLAIMS FREE
DISCOUNTS: A
number of carriers offer a discount to those podiatrists who have been
without claims for, say, five years or more. |
| RECENT GRADUATE /
NEW PRACTITIONER: Most
insurance companies offer substantial discounts to podiatrists who are just
beginning their practice. These discounts are usually graded, and
disappear after 2 or 3 years. |
| CLAIMS
HISTORY: Obviously,
this is a critical factor. While every underwriter appreciates the
fact that in the increasingly litigious environment in the United States,
many doctors have had some degree of claims experience, an underwriter will
look carefully at the twin issues of "frequency" and
"severity." A "frequency" issue might serve
as a "red flag" to an underwriter. "Severe" claims
are looked at very carefully, and are often analyzed by the underwriter's
own claims department before a decision is made. For a more in-depth
discussion of non-standard medical malpractice insurance for
"hard-to-place" professionals, please click here 
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Without
a doubt, the subject of professional liability insurance for podiatrists and
podiatric surgeons is complex. The "best" policy for you, may
not be the "best" policy for the doctor down the hall!
I
would be happy to discuss your particular situation in greater detail. You can
click here
and complete a brief inquiry form, which will allow me to get back to you. Or,
if you would prefer to, give me a call at 877-320-4061.
This number is available 24-hours a day, and it will automatically try to find
me, and will connect you to me if I am available. If I cannot take your call,
you will have an opportunity to leave a private voicemail message, and will get
back to you promptly. Of course, I can always be reached via e-mail at, insurance@insurance4docs.com.
Thank
you for your time . . . I look forward to speaking with you.
Bruce R. Swicker
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