About Teddy Gillen

Teddy Gillen is the Regional Director of Southern Protective Group and has a degree in Risk Management & Insurance from the University of Georgia. Southern Protective Group is a specialized, market-savvy insurance brokerage practice based in Metro Atlanta. Licensed nationwide with clients coast-to-coast, SPG is one of the Southeast’s fastest-growing, premier insurance brokerage firms. SPG is the Southern Medical Association’s exclusive endorsed broker for medical malpractice insurance coverage.

Medical Malpractice: How to avoid paying for “Tail Insurance” at retirement.

Medical Malpractice: Tail Insurance

Have you budgeted for the cost of tail insurance when you retire?

Tail coverage can be extremely expensive. Depending on the carrier, the cost of your tail insurance could range from 150% to 250% of your final year’s premium. This is a sizable amount for any physician but can be especially expensive for high risk specialties. Many standard malpractice carriers have free retirement tail provisions after the age of 55 and after 5 consecutive years of coverage. If you retirement is around the corner, this provision may be prohibiting you from looking at more affordable malpractice options.

The SMA Service’s exclusive Medical Malpractice program picks up prior acts back to your retroactive date and provides free tail for life after insured for 12 months and over the age of 50.

Our program could potentially save your practice up to 50% off your current rates.

We’ve aggregated the over 4,000 Southern Medical Association members to provide you with the underwriting discounts and terms & conditions to independent physicians that would normally be reserved for large hospital systems.

If you would like more information on your eligibility for our program,
please contact us at MedicalMalpractice@SMA.org to request additional information.

Does your Malpractice Carrier provide coverage for privacy liability and regulatory violations?

Privacy Liability CoverageElectronic record-keeping and digital communications are now used by most businesses. Too often businesses underestimate the risks of data security breach & regulatory violations.

It is important that you know if your general liability or malpractice insurance covers privacy and regulatory exposures. Unless you purchase standalone coverage, your policies most likely specifically exclude data and regulatory related risk.

You are an expert at what you do but the demands on your time may not allow you to study and learn about the insurance coverage you need to cover cyber breaches that can occur at your facility. SMA Services, Inc. can help you find the policy that best fits your needs.

Our exclusive malpractice program proudly offers up to $100,000 in coverage for privacy and regulatory violations at no additional cost. Our policy provides separate $100,000 limits for Security and Privacy, Regulatory (HIPPA, RAC), Patient Notification & Credit Monitoring, & Data Recovery Costs.

If you would like more information on your eligibility for our program,
please contact us at MedicalMalpractice@SMA.org to request additional information.

 

 

What triggers a claim on your Malpractice Insurance Policy?

Medical Malpractice: Incident Triggers

Medical Malpractice claims made policies are issued one of two ways; they will either have an incident trigger or a written demand trigger.

Incident Trigger:

If your malpractice coverage has an incident trigger, the moment you report a bad outcome to your carrier they become responsible for any future claims based on this incident.

Written Demand Triggers:

Under a written demand trigger, you may know of a bad outcome but a carrier will not accept responsibility of a claim until a written demand for money or a lawsuit has been made.

If affordable, an incident trigger form should always be considered.

Demand Trigger policies may force a physician practice with a known incident (however large or small) to remain with their current insurance company for years to avoid a gap in coverage. There is the potential that the carrier could significantly raise rates or adversely change coverage forms while awaiting a written demand or the Statue of Limitations to pass.

The SMA Service’s exclusive Medical Malpractice program provides an incident trigger form. We’ve aggregated the over 4,000 Southern Medical Association members to provide you with the underwriting discounts and terms & conditions to independent physicians that would normally be reserved for large hospital systems.

Our program could potentially save your practice up to 50% off your current rates.

If you would like more information on your eligibility for our program, please contact us at MedicalMalpractice@SMA.org.

 

 

Medical Malpractice: Is Claims-Made or Occurrence right for you?

Medical Malpractice: Claims Made or OccurrenceEvery malpractice insurance policy is going to contain a method, manner or time period in which a claim can be filed. The majority of insurance policies are written using the occurrence form but many others, especially professional liability policies are written on a claims-made form. These different forms have a major effect on your responsibility in the event of a claim, the actual cost of the policy and most importantly, how the company will respond to the claim:

Occurrence:

This policy covers claims made for injuries sustained during the life of the policy; even if the claim is filed after the policy has been canceled. An occurrence is an event that can result in the filing of an insurance claim.

Claims Made:

A claims-made policy provides coverage when a claim is made against the policy, regardless of when the claim event took place as long as the claim event took place after the ‘retroactive date’. If an insured elects to change insurance companies from one year to the next, it is important that the new carrier offer “retroactive” coverage back to the retroactive date to prevent any gaps in coverage.

While there are certainly pros and cons to both policies; in most cases, the claims made policy form is the most competitively priced option for the independent physicians.

If eligible, the SMA Service’s exclusive Medical Malpractice program will assume prior acts back to the retroactive date of the previous policy.

If you would like more information on your eligibility for our exclusive malpractice program, please contact us at medicalmalpractice@smaphp7.wpengine.com.

Medical Malpractice: The dreaded Hammer Clause

Malpractice: Hammer ClauseHaving a hammer clause in your malpractice policy can be problematic in the event of a claim.

A Hammer Clause in your policy may read like this:

“Insurer will not settle or compromise any claim without the consent of the insured. If, however, the insured refuses to consent to a settlement or compromise recommended by insurer and elects to contest such claim or continue legal proceedings in connection with such claim, then insurer’s liability for the claim shall not exceed the amount for which the claim could have been so settled, plus claims expenses incurred up to the date of such refusal.”

Avoid policies with these hammer clauses at all cost.

A ‘consent to settle’ policy that requires the insurance company to have your approval in order to settle a case is most desirable.

The SMA Service’s exclusive Medical Malpractice program does not have a hammer clause and the consent to settle lies with the physician. We’ve aggregated the over 4,000 Southern Medical Association members to provide you with the underwriting discounts and concessions to independent physicians that would normally be reserved for large hospital systems.

Our program could potentially save your practice up to 50% off your current rates.

Do you have time to read your policy? Most of our clients don’t – We can provide a quick review to determine if you have the dreaded hammer clause at no obligation.

Contact us at MedicalMalpractice@SMA.org for additional information.

Medical Malpractice: Do you have the consent to settle?

Medical Malpractice: Consent to SettleDoes your malpractice policy allow you to decline settling and fight unjust claims in court to the very end?

If you have a “Consent to Settle Clause” in you policy, in order to settle a case, the insurance company must have your approval. If you reject this settlement, you reject it without further penalty.

For instance: if you purchase a policy with $1M limits and you lose at trial after declining to settle, your insurance company will still be required to pay up to a $1M verdict.

Malpractice Suits are very personal, and the Southern Medical Association wants you to have the ability to fight a claim to the very end.

The SMA Service’s exclusive Medical Malpractice program allows our insured’s to reject settlement offers without further ramifications.

We’ve aggregated the over 4,000 Southern Medical Association members to provide you with the underwriting discounts and terms & conditions to independent physicians that would normally be reserved for large hospital systems.

Our program could potentially save your practice up to 50% off your current rates.

Do you have time to read your policy? Most of our clients don’t – We can provide a quick review to determine if you have the dreaded hammer clause at no obligation.

Contact us at MedicalMalpractice@SMA.org for additional information.