The highly competitive Maryland premium rates of The Physicians Protector Plan®/Aspen Medical Malpractice Insurance program are on public display in The Maryland Insurance Administration’s “2016 REPORT ON THE AVAILABILITY & AFFORDABILITY OF HEALTH CARE MEDICAL PROFESSIONAL LIABILITY INSURANCE” Access a full copy of the study here.
In the case of some specialties, Physicians Protector Plan®/Aspen Medical Malpractice Insurance program premium rates are 30% lower than those of the largest Med-Mal insurers and risk retention groups in Maryland:
“The Physicians Protector Plan® is a Medical Professional Liability Insurance Program with a singular focus on [physicians] and surgeons working in solo to small group practices. The Physicians Protector Plan team understands the needs of health care professionals working in today’s rapidly evolving health care landscape. Our value proposition is simple — We bring together the best of what the insurance industry has to offer and make it easily accessible to [physicians]” said a spokesperson for The Physicians Protector Plan®
The Physicians Protector Plan®, underwritten through Aspen American Insurance Company, an admitted A.M. Best ‘A XV’ rated carrier with over $11.1B in total assets (as of 12/31/15), entered the Maryland medical malpractice insurance market in 2013 after identifying an opportunity to offer a robust malpractice insurance policy at a lower cost compared to other major insurers.
As stated in the MD Insurance Administration Study, medical malpractice claims are less frequent now than in the preceding decade, yet major medical malpractice insurers and risk retention groups have left rates unchanged: “In Maryland, insurance premium rates increased significantly between 2002 and 2005 before declining in 2006 and remaining relatively stable since then. The largest writer of medical malpractice insurance, an admitted carrier, has not requested any change to its rates between 2013 and 2016. Premiums appear stable, there has been a decrease in closed claims, and a decrease in the number of lawsuits filed.”
R. K. Tongue Co., Inc. is a leading insurance intermediary specialized in professional liability (malpractice) insurance and all other types of insurance and benefits for physicians, surgeons, dentists, lawyers, and professional service professionals. R. K. Tongue is proudly partnered with the Physicians Protector Plan® wherever it is offered.