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How Medicus Can Help You

Medicus Insurance Company is a professional liability insurer based in Austin, Texas, serving doctors, surgeons and other healthcare professionals. Medicus insures clients in the following States: Alabama, Arkansas, Arizona, Georgia, Illinois, Indiana, Iowa, Kansas, Mississippi, Missouri, Nevada, Ohio, Oklahoma, Texas, Utah, Virginia and West Virginia. The company is admitted in 23 states, though it does not currently issue policies in all of them. In all states in which it does write policies, Medicus is fully admitted and compliant with state regulations. Medicus is a stock insurance company, owned by stockholders, with stock privately held and traded. The company was incorporated in Austin in 2006.

Medicus currently is not rated by A.M. Best or Standard & Poor’s. A company’s financial rating is something to keep in mind when selecting an insurer. An unrated carrier like Medicus can be viewed as risky because it could be more likely to become financially insolvent and unable to provide full coverage, causing problems for physicians down the road. Although Medicus is unrated, it has strong assets of more than $30 million and good access to capital beyond that. The company has established access to about $100 million worth of credit. Medicus is a young company, and it is possible that it will be independently rated in the future.

In April 2010, Medicus added an endorsement (an additional coverage on a policy) to all of its existing policies in Arizona, Georgia, Illinois, Indiana, Iowa, Missouri, Minnesota, Nebraska, Ohio, Utah, Virginia and West Virginia. At no additional charge, the Medicus Advantage Gold Endorsement added coverage for unwitting errors in billing and network security, as well as regulatory and privacy violations. The company has announced plans to expand the endorsement to the rest of the states in which it is admitted and writing business.

Medicus handles the legal aspect of medical malpractice insurance through a partnership with Western Litigation, Inc., which coordinates the entire process, including selecting local attorneys to handle claims. Western Litigation also offers a risk management program to its insurance company clients. This partnership is effective, and Medicus states that its average settlement is 87 percent below the all-industry average.

Medicus offers only claims-made policies. A claims-made policy covers only claims that are filed while the policy is in effect (between the effective date and the expiration date). This differs from an occurrence policy in that an occurrence policy covers any event that occurred during a covered policy period, regardless of when the claim is filed. This distinction means that claims-made coverage must be maintained in perpetuity, even during extended vacations or after retirement. Physicians who are retiring and have a claims-made policy must purchase an extension of their policy, called a tail, so that they will be covered if any claims are filed after the retirement.

Another factor to keep in mind when comparing insurance companies is the consent to settle provisions. In some states, some insurance companies retain the ability to settle a case on behalf of a physician without that physician’s consent to do so. A physician may feel that he or she is blameless in a case and would win in a trial, but the insurance company might still choose to settle because of legal costs. This is bad for physicians as settled claims can damage a professional reputation. Medicus offers a robust consent to settle clause. The company will not even enter settlement negotiations without the physician’s consent.

Request your free Medicus Medical Malpractice Insurance Quote today.

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