0:00

When we're talking about things like noses and,

0:03

and tails, for example, those are what's known as riders

0:07

or endorsements of an insurance policy.

0:10

There are other endorsements that you can purchase

0:14

or decline, one of which is a waiver

0:16

of consent to settle claim.

0:18

Um, you may not be able to make that decision about whether

0:22

or not you wanna settle a case.

0:24

It may be in the insurance company's bailiwick as to whether

0:28

or not a case is settled.

0:31

But you can buy the endorsement

0:34

or the writer, which says that it gives you the opportunity

0:39

to decide whether or not you wanna settle a case.

0:41

Um, deductibles that will, you know,

0:45

depending upon whether you're talking about frivolous

0:48

lawsuits that are only for a small amount of money,

0:50

you can have a deductible where it actually comes out

0:52

of your pocket rather than raising your malpractice rates

0:55

very much like a car accident.

0:58

You could have coverages for your employees and your techs

1:01

and your nurses, and you could have coverage that may

1:03

or may not be appropriate if there is a sexual misconduct

1:08

claim against you in your workplace.

1:10

Not necessarily a medical malpractice case.

1:13

Another thing is the discount.

1:15

So as I mentioned, there is a new doctor discount,

1:18

and you should ask for that

1:20

as you're starting out your practice.

1:21

They may not offer it to you and,

1:24

and say, Hey, by the way, we, we,

1:26

we won't charge you as much.

1:27

Uh, starting out you want to ask for a new doctor discount.

1:31

Um, and whether that's available.

1:34

And, uh, the maturity risk for

1:36

that lower rate at the beginning is usually

1:38

around five to seven years.

1:40

If you're part-time, you wanna tell the medical prac

1:44

malpractice insurer that you're moving to part-time

1:46

because you will get a reduced rate.

1:48

And if you retire, obviously you're gonna let them know

1:51

because you're not reading cases at that point.

1:54

And if you have an occurrence policy,

1:56

you're covered in retirement,

1:58

but you may need that tail to cover your

2:03

years after practice that are important as well.

2:07

If you attend risk claims management, um,

2:11

seminars like this, yay.

2:14

You may also get a discount.

2:16

At Hopkins, we get a 5% discount if we go annually

2:20

to a risk management seminar that is conducted

2:23

by the insurer for, for Hopkins.

2:26

And if you implement internal review procedures

2:28

and peer review, that also may reduce your rates.

2:32

So these things are important for reducing the rates

2:35

of a medical malpractice insurance premium.