Should I Carry Malpractice (Liability) Insurance? - page 18

Yes Caffein...if you were covered at the time stated in the lawsuit, then you are certainly covered. It doesn't matter that you aren't covered now.

Thanks RkfdBNurse1

For rest of us I found some helpful tips to keep in my when buying insurance. Sharing the link for the same:

Don't Make These Mistakes When Buying Your Malpractice Insurance!

Most nurses seem to use NSO without much thought. I couldn't stand to not know what the other options are, so I did some research.

I found that there are really only three widely-available companies that sell liability insurance for nurses. The first post of this thread has a lot of links that turn out to be different names for the same insurance policies.

NSO/HPSO are the same (CNA Insurance). Marsh, Proliability, and CPH are the same. Then there is CMF Group.

It turns out that they are all pretty similar in price and coverage. All of them give very quick online price quotes and you can get coverage instantly online with a credit card.

NSO is slightly more expensive than the others (and has a $2 nonsense membership fee to boot). The NSO policy is written with a lot of legalese but is very comprehensive. You can't pick your own lawyer if you have to go to a deposition and the $500 cap for a license hearing seems low. NSO does not offer a high-limit $2 million per incident/$4 million total policy like the other two.

Marsh doesn't have any policy documents available online before purchase, so I don't have any particular comments. Marsh does offer a 10% discount for nurses working in a magnet hospital or for having certain certifications.

CMF Group has a low-cost $500k per incident/$1 million total policy option that would be a good choice for younger nurses without many assets to protect. The insurance also includes a personal liability component which is good if you don't have homeowner's or renter's insurance. CMF has smaller limits on extra coverages (coverages beyond basic liability) than the other two companies.

Here are the coverage details for the three companies when I was looking for insurance for Maryland recently. The link in Caffein's post above has explanations for some of the terminology.

NSO/HPSO (CNA)

Type of coverage: Occurence
1 mil/6 mil: $108
1 mil/3 mil: $104
500k/2.5 mil: $90
(prices include annual membership fee)

Defendant & Lost wages coverage: 25k limit
License defense protection: 10k/25k (capped at $500/hearing)
Assault protection: 10k/25k
Property damage: 500/10k
Deposition representation: 10k


MARSH/PROLIABILITY/CPH

Type of coverage: ??
1 mil/6 mil: $98
2 mil/4 mil: $114

Defendant & Lost wages coverage: 10k limit
License defense protection: 10k/25k
Assault protection: 10k/25k (includes 10k property damage)
Deposition representation: 5k


CMFGROUP (AIG)

Type of coverage: Occurence
1 mil/6 mil: $99
2 mil/4 mil: $114
500k/1 mil: $58

Defendant & Lost wages coverage: 5k limit
License defense protection (administrative hearings): 5k
Assault protection: 5k
Property damage: ?
Deposition representation: 2500