Leading Medical Malpractice Brokerage and Consulting Company, PriMed Consulting, has recently announced how they can help physicians who have been affected by the changes in regards to excess coverage laws. These changes are important to understand, because further restrictions have been put in place to limit free excess coverage. The need for paid excess coverage has become critical for physicians that have been affected, to ensure that they have enough coverage in place in case they are ever hit with a malpractice claim. In order to qualify for free excess coverage, physicians are required to have a key affiliation with a general hospital in the state of New York that provides them professional privileges, they must have an individual base policy of $1.3 million for each claim/$3.9 million aggregate, and they must have completed a risk management program that is qualified within two years. A new change has recently been implemented as well that requires that physicians have an existing excess policy for all or part of the previous 3 years.
Doctors must purchase additional layers of coverage if they expect to stay fully protected. If a physician does not qualify for Section 18 coverage/free excess coverage, then PriMed Consulting offers the additional paid excess coverage option. In addition to primary limits of liability (1.3/3.9 million dollars), paid excess coverage can provide an additional layer of $1 million dollars per claim / $3 million aggregate limit. Premiums for excess coverage will vary based on the specialization of the physician, and the county that they practice medicine in. All physicians must have an existing policy with an admitted carrier to be eligible to purchase any excess coverage.
About the Company
PriMed Consulting is located in Ocean, New Jersey. They are one of the most reputable medical malpractice brokerage and consulting companies that serve physicians in the states of New York and New Jersey. The company specializes in providing malpractice coverage to physicians, healthcare facilities and allied professionals. With more than 50 years of combined experienced, PriMed Consulting has access to a large number of carries. The company is a trusted name in the industry.
