MLMIC Announces New Claims Free Discount For Physicians
Medical Liability Mutual Insurance Company (MLMIC) has received the approval of the New York State Insurance Department (SID) to offer policy holders what they are calling a “claims free discount,” effective July 1, 2011. This new benefit will provide a 7.5% premium discount to those MLMIC-covered physicians and surgeons who qualify. To qualify, a physician must have been in practice for a minimum of five years, and he/she must have no open claims and no closed claims with paid indemnity or expense within the five-year period immediately preceding June 15, 2011, regardless of the accident date or report date.
According to MLMIC President Robert A. Menotti, MD, 54% of currently MLMIC-insured physicians will qualify for the discount. The discount will also apply to new applicants who provide claims free loss histories and meet the qualifications.
MLMIC has filed with the SID an advisory that there be no overall premium increase for the year beginning July 1, 2011. They are currently awaiting approval from the Superintendent of Insurance who has the authority to set rates. MLMIC is the largest physician-owned professional liability insurance company in New York State with more than $590 million in annual premiums.
For more information about MLMIC’s new claims free discount, physicians should contact MLMIC’s underwriting department at (800) 275-6564 (NY metropolitan area) or (800) 356-4056 (upstate).