Historic Rates

Becoming Familiar with the New York Liability Market

  • We provide various Medical Malpractice Insurance quotes from the leading Medical Malpractice Insurers in New York.
  • Are you bring non-renewed?  We specialize in getting you coverage at a lower price than what you were paying.
  • We see to it that all physician discounts available are applied to your policy: Risk Management, Claims-free, New to Practice.
  • We ensure that Prior Acts Coverage is included, avoiding the necessity to purchase separate tail coverage.
  • Our experienced liability specialists will customize a policy to the specific needs of you and your practice.
    Read what other doctors have to say about our prices and customer service.
  • We provide you with various free Practice Tools: our Online Patient Satisfaction Survey System, on-staff Certified Professional Healthcare Risk Manager (CPHRM) and many other tools to help you in managing your practice.
  • By combining our efforts with those of the Medical Liability Monitor — the nation’s leading independent source of Medical Liability Insurance news as well as the political, legal and risk management issues that affect the healthcare industry –we’ve published historical rate data for every county in the Empire State. You can view all the rates by completing the 3 simple steps on the left of this page.  You’ll find the insights offered by this information invaluable when making your decision on your medical malpractice insurance coverage and carrier. This is only one of many reasons that Cunningham Group Insurance has become the preferred online source for New York physicians, healthcare professionals and medical groups looking for a way to find the best coverage and lower their medical malpractice insurance rates.
    New York Med-Mal Fast Facts
      • From an insurance standpoint, New York is the most difficult State in the country. Two companies dominate the market and have had financial issues. The State has come in and aided the big players to ensure all physicians remain covered.
      • Hospitals require that physicians carry higher limits: $1.3 million/$3.9 million.
      • This is an expensive State to practice in, so we cannot stress enough that your broker have access to all the State’s insurance players.
      • RRG’s have emerged as an alternative and a lot of physicians are moving to those.
    • There are more doctors here than any other State.
    New York Medical Malpractice Insurance

    New York is a complicated market when it comes to medical malpractice insurance.

    In addition to having some of the highest base rate premiums for medical malpractice insurance coverage in the nation, New York physicians have limited choices when it comes to which insurer they choose to do business with. The state’s physicians are—for the most part—insured by one of two companies. Medical Liability Mutual Insurance Company, or MLMIC, has the lion’s share of the market, insuring about 65 percent of all New York physicians as well as 69 hospitals, more than 4,200 dentists and thousands of other healthcare professionals. Physicians Reciprocal Insurance, or PRI, covers slightly more than 24 percent of the state’s healthcare force.

    During the last several years, new malpractice coverage options have become available to New York physicians. Standard medical professional liability insurance companies—better known outside of New York—have founded risk retention groups (RRGs) with the intent of entering the state. An RRG is an alternative risk transfer mechanism permitted under the Federal Risk Retention Act of 1986 that provides insurance coverage for individuals participating in a similar business. Those companies are only subject to the insurance rules and regulations of the state in which they are domiciled, but can register and engage in the business of insurance in all states.

    Traditionally, the downside of being covered by an RRG is that its insureds must make a large capital contribution to establish reserves and have no access to a state’s guarantee fund should the RRG be unable to meet its obligations. The new RRG options available in the state have been funded and reinsured by their parent company, eliminating some of the risks associated with RRGs.

    A positive, recent development in New York is that its leadership appears willing to address its burdened healthcare system through tort reform. In addition to costly medical malpractice insurance rates, the state has the most expensive Medicaid program in the country, serving one in four New Yorkers and costing more than twice the national per capita average. In 2011, Gov. Andrew Cuomo commissioned a Medicaid Redesign Task Force with the directive of recommending ideas for decreasing the cost of healthcare in New York.

    The Task Force made 79 recommendations, including a $250,000 cap on non-economic damages and the creation of an indemnity fund for neurologically damaged infants. While the non-economic damage cap failed to receive approval from the state assembly, the fact that a governor from the Democratic Party endorsed and lobbied for a cap shows that an increasing number of lawmakers understand New York’s need for change in its medical liability climate. According to Gov. Cuomo, the cap would improve predictability for medical malpractice insurance companies, allowing them to reduce rates and offer financial relief to physicians who treat Medicaid patients. This is especially prescient with the Patient Protection & Affordable Care Act (PPACA) expected to widen even more the number of Medicaid enrollees over the course of the next few years.

    New York has also benefited from PPACA grants earmarked for creating medical malpractice pilot programs intended to reduce the number of medical errors as well as test special “health courts” employing specialized judges to mediate medical malpractice settlements before the go to trial. The program is still in its early stages, but early results have been promising.

    If you are looking to purchase medical malpractice insurance in New York, we have several options to shop your coverage.

    This write-up of New York was put together by Michael Matray, the Editor of the Medical Liability Monitor

    Resources for Doctors practicing in New York