For most people, July 1st represents the start of summer, but for physicians in New York State it means an increase in their medical malpractice rates.
In a letter issued to MLMIC policy holders dated July 9, 2012 the inevitable happened again. The Superintendent of financial Services has imposed that the base rates for all MLMIC policy holders will be increased by 3%, when in reality some physicians could see increases as high as 10% based on their specialty and demographic location. The Superintendent also imposed some territory modifications which will drastically affect physicians located in the Bronx and Richmond counties. In those counties alone, Orthopedic Surgeons, General Surgeons, Plastic Surgeons, Vascular Surgeons, Urologists, and OBGYS can expect a rate increase of 7-10%. At this time, nothing has surfaced from the second largest admitted carrier in the state, PRI, but it is expected that they will have to follow suit.
This may be a good time for physicians to look at their options. Click here to contact us TODAY to learn how we can keep help you save on your Medical Malpractice Insurance Rates.
President of the Medical Insurance Division of Paris Kirwan Associates