If you are a practicing physician, you have likely come across the concept of MLMIC (Medical Liability Mutual Insurance Company). MLMIC is the most significant writer of medical professional liability insurance in New York. There are two different types of coverage available, and each has its own unique uses. In this article, we’ll look at what MLMIC is and why it’s so crucial for the healthcare professional.
Types of MLMIC Coverage
The first type of coverage is occurrence and is used if claims come up regarding any medical services you provided while under the policy. It doesn’t matter when the complaint is reported, only when the services you offered were tendered to a patient. This means you could be covered years later for a claim if the service occurred when you had a policy with MLMIC.
The other type of coverage is called claims made. This coverage protects you when claims are made related to services that were rendered after a specific retroactive date listed in your policy, as well as before the policy period end as long as the claim was made while you had the policy or were under an extended reporting period.
Common Questions About MLMIC
There are a handful of questions you should ask your insurer when you are purchasing medical liability coverage. These questions are recommended as they ensure you understand the policy you are under and what is available to you. Here are a few of the questions to ask.
- What sort of coverage do I have? Claims made, and occurrence policies are different and can greatly affect the amount of protection you have. You should be sure to check what you are purchasing and which insurance type it falls under.
- Do I need extra coverage beyond the basic? Nose or tail coverage can be an excellent option for a medical provider. It helps to cover any claims that occur before or after your regular policy takes effect.
- What liability limits do I have? Different programs are going to offer different levels of protection. Make sure you have the limits you need and ask if you are sharing limits with other employees or have your own individual limits.
- Is New York state regulating my insurer? Those companies that are regulated must protect you from coverage changes, harmful rate changes, and insolvency of the insurer. This is often not provided by all providers, but it is something you want to see.
