Choosing the RIGHT Malpractice Ins

Published

I am a new grad RN and I am looking into malpractice ins. I wanted to do my research about what to look for and be weary of when choosing a company. There are so many things to be concerned with when choosing a company. What I've read thus far:

1. What is the company's A.M. Best's score? A.M. Best Company)

2. Don the premium go up over the years

3. You want to have prevailing limits /caps on the damages that can be awarded so that you are not just being sued bc you have deep pockets so to speak.

4. Does the ins cover the full scope of your clinical activities?

5. Is it a an Occurrence or Claims made policy (this being the biggest deal bust). Claims mad will only cover you while you are with them and not in the future.

6. Is there a consent to settle clause? ( another deal bust, bc they can settle without your consent and then that goes on your record)

can also be know as:

7. Is there a Hammer Clause? (The terms of a hammer clause take effect if you refuse the insurer's settlement recommendation and choose to go to trial instead. Then, if the trial results in an award higher than the settlement recommendation, you must pay the amount over the recommendation.)

8. Is there coverage for defense cost? This will cover expenses of defending and processing a suite and is not part of the aware settlement. If this is omitted then the cost of your defense with come out of the 1,000,000/6,000,000 and whatever is left over goes to what is awarded and if there is not enough it is coming out of your pocket. (Another deal bust) also you want the defense amount to be for the ultimate net loss not pure loss.

9. Are the legal cost included with-in the limits of liability or are they in addition to?

10. Also do they have personal injury and or liability coverage included or available for an extra cost? you want to be covered on and off the job. If something happend outside the job its coming out of you 100,000,00 and then you move into using your higher max for the year.

So with all this being said; are there any professionals out there that know of an insurance that covers all of these points I have mentioned. I am looking to keep myself completely covered. I know that people can recommend the company's they use but do you really know the in's and outs of what you signed up for. I see a lot of recommendations for NSO, Proliability, Marsh/Mercer. I have been having trouble finding their ratings on A.M. Best Company.

I am really looking for someone who knows their company or has been through a suite so they know what the company is all about to give me advise on what company to choose. I'd appreciate any help.

Thank's for taking the time to read this and for your responses.

Up Vote Up Vote ×

Per the TOS we are not able to give legal advice, and telling you which insurance is the best fit for you would be a breach of TOS. Also, you agreed not to ASK for legal advice. It sounds like you have done a good amount of research into what you want/need out of an insurance plan, so why not call the carriers people have mentioned and ask them the questions you have posed here. Only YOU know what is going to be a good fit for YOU.

Good luck and Congratulations nurse!

Up Vote Up Vote ×
Specializes in orthopedic/trauma, Informatics, diabetes.

You did a lot more research than I did LOL. I didn't even understand half of what you are talking about. I just went with one of the big two.

Up Vote Up Vote ×
+ Join the Discussion