Medical Malpractice Insurance in Maryland
In 2019, the Maryland medical malpractice insurance industry was rocked by one of the largest payouts in US history when a jury awarded a claimant $229 million. Payouts like this are causing a shift in the medical malpractice insurance industry.
As payouts increase, medical malpractice insurance carriers are facing severe financial risk. For the past several years, carriers were charging lower premiums due to a relatively stable number of claims, however, the dramatic increase in claims severity is changing how they underwrite and calculate premium rates. The high associated cost of claims is necessitating carriers to increase their premiums.
An increase in medical malpractice premiums is always daunting for physicians and practices, but the important thing to remember is that you have options. As an independent agent, Professional Risk works with four admitted carrier options all rated "Excellent" by A.M. Best in Maryland. This provides physicians options when it comes to their medical professional liability coverage.