Maine Malpractice Insurance
Table of Contents
- How to buy medical malpractice insurance in Maine.
- How to save money on your malpractice insurance.
- How much does medical malpractice insurance cost in Maine?
- Medical malpractice requirements in Maine.
- Best medical malpractice insurance companies in Maine.
- Why partner with Cunningham Group in Maine?
- Historic medical malpractice insurance rates in Maine – since 2000.
- History of malpractice insurance in Maine.
- Resources for Physicians.
Maine Malpractice Insurance
Maine’s malpractice insurance marketplace is dominated by Medical Mutual Insurance Company of Maine, which holds more than 60 percent of the malpractice premium in the state. However, their share has fallen in recent years with other insurers beginning to gain market share.
Our 2023 Physician Buyers Guide for purchasing malpractice insurance in Maine gives you the information necessary to obtain the strongest, most financially secure policy at the best price. When shopping for coverage, you need a full view of the Maine marketplace to find the company that best fits your situation. Choose a broker that can offer multiple quotes from all the major malpractice insurance companies in Maine.
How to buy malpractice insurance in Maine.
The best way to buy malpractice coverage is to work with a reputable malpractice insurance broker in Maine who can generate multiple quotes. Your broker will walk you through the lengthy insurance application and underwriting process. Click to get medical malpractice insurance quotes from every major Maine malpractice insurance company.
Typically, the malpractice insurance purchasing process goes like this:
- Submit your information for your free medical malpractice insurance quote from every major insurance company in Maine.
- One of our veteran malpractice insurance agents who specializes in the Maine market will contact you to learn more about your specific needs.
- We shop your coverage to every major insurance company in Maine.
We present you with a number of insurance quotes and give you the information necessary to make an educated and informed decision. Don’t worry. We’re here every step of the way, helping you get the best price with the best company.
How to save money on your malpractice insurance.
- The easiest way to save money on your medical malpractice insurance policy is by working with a broker who has the access to generate quotes from every major insurance company, offering an accurate view of the marketplace. As one of the top brokers in Maine, we can guide you through the application and underwriting process so you’re confident you secured the best price with the right insurer for your situation.
- The most common limits in Maine are $1 million/$3 million. Limits of liability play a major role in determining the overall cost of your policy. Some companies will offer lower limits to save you money. We don’t recommend this. We want your risks fully indemnified so you never have to pay an award out of pocket. Let us save you money by shopping your coverage rather than skimp on protection..
- Check out our 7 secrets your medical malpractice insurance agent won’t tell you page to get insider information on buying coverage in Maine.
How much does medical malpractice insurance cost in Maine?
Rates for physician malpractice insurance don’t vary much depending on where you practice within the state. Most major insurance companies classify Maine as a single territory, which means your specialty’s base rate does not vary depending on your practice address. But you still want multiple quotes to get an accurate view of the marketplace. This is one of the many reasons it’s important to work with an insurance agency that specializes in medical malpractice insurance. Below are mature, base rates with no credits or discounts. We typically get our clients a 30-50% reduction from these rates:
- Internal Medicine Average Rate $7,718
- General Surgeon Average Rate $27,113
- OB/gyn – Average Rate $34,148
The cost of your malpractice coverage can vary greatly due to a number of factors, including your claims history, the type of patient interactions you have, the insurance company you are placed with and more. Cunningham Group created this premium estimation tool by drawing from its database of thousands of physician clients. Below are five malpractice estimation premium buckets to gauge how expensive your coverage should be. The buckets are numbered 1 to 5 — with #1 being the least expensive and #5 the most costly.
Medical malpractice requirements in Maine.
Limits of Liability: The most common limits of liability in Maine are $1 million per claim with an annual aggregate cap of $3 million.
Most hospitals require a physician carry malpractice insurance prior to granting admitting privileges. Some of the hospital systems requiring this include, but are not limited to, Maine Medical Center in Portland, Northern Light Eastern Maine Medical Center in Bangor an MaineGeneral Health in Augusta.
Best Medical malpractice insurance companies in Maine.
- Medical Protective
- The Doctors Company
- Preferred Professional Ins. Co.
- National Fire and Marine
Why partner with Cunningham Group?
Partnering with Cunningham Group will give you a full view of the Maine marketplace.. Our veteran insurance agents average 10+ years of industry experience. Let us help you secure medical malpractice insurance quotes from every major insurance company in Maine.
Historic Medical Malpractice Insurance Rates in Maine for Physicians.
Brief History and other important facts of medical malpractice insurance in Maine.
Maine’s malpractice marketplace is dominated by Medical Mutual Insurance Company of Maine, which holds more than 60 percent of the malpractice premium in the state. However, their share has fallen in recent years, with other insurers beginning to gain more market share. This has not resulted in lower premiums in the state, however, with Maine being one of the few states to have rate increases in recent years. However, these increases have been moderate and the state still enjoys lower-priced premiums when compared with much of the country.
Tort Reform in Maine
Maine has passed a few tort reforms which have affected its medical liability system. Though there are no caps regarding medical malpractice cases specifically, the state does have a cap on noneconomic damages of $500,000 for wrongful death cases. Additionally, all medical malpractice cases are subjected to a mandatory pre-litigation screening panel, which consists of a chair person, an attorney and a healthcare provider. The panel reviews the case and submits a written opinion on the case. The opinion is confidential, but can be used in court under some circumstances. Other reforms include allowing evidence of collateral payment sources to be submitted and used to reduce the amount of a verdict, limits on attorney fees and protections for healthcare providers making statements of apology to an alleged victim.