Welcome to PhysiciansGroupPracticeInsurance.com
Welcome to PhysiciansGroupPracticeInsurance.com, a website published by Danna-Gracey, the medical malpractice insurance experts Danna-Gracey is an independent insurance agency based in Delray Beach, Florida with a statewide team of specialists dedicated solely to insurance coverage placement for Florida's doctors. Danna-Gracey published this website specifically on the topic of gap coverage quotes to help you understand your options and find the best resources.
Contact us for any of your malpractice insurance needs.
Physician Group Practice Insurance and the Insurance Cycle
The 1970’s crisis and now
Like all insurance markets, the medical group practice insurance market goes through cycles of hard and soft markets. However, these cycles can be more extreme in medical malpractice insurance market because it takes a much longer period of time for medical claims to be resolved.
The first medical malpractice crisis happened in the 1970’s when the price of premiums skyrocketed. To help fight this crisis, insurers started to provide “claims-made” instead of “occurrence” policies. In a claims-made policy, the insured is covered only for claims made while under policy; in an occurrence policy, the insured is covered for any claims against an occurrence inside the time period of the policy. This saved the insurance companies money they would have spent on defense costs and allowed them to lower the premium.Read More...
Provided by Danna Gracey
During the last few years many studies have revealed an increasing incidence of clinical errors in hospitals as well as office-based medical practices. Previously, it was common practice not to reveal such occurrences. Considering today’s desire for transparency and established laws, rules, regulations and guidelines, it is widely accepted that patients should be informed when errors occur. Thus, the decision for the physician to make today is not whether to disclose a clinical mistake, unexpected outcome or other out-of-the-ordinary event, but how to share the information.