Maryland Malpractice Insurance
Table of Contents
- How to buy malpractice insurance in Maryland.
- How to save money on your malpractice insurance.
- How much does medical malpractice insurance cost in Maryland?
- Medical malpractice requirements in Maryland.
- Best medical malpractice insurance companies in Maryland.
- Why partner with Cunningham Group in Maryland?
- Historic medical malpractice insurance rates in Maryland – since 2000.
- History of malpractice insurance in Maryland.
- Resources for Physicians.
Maryland Malpractice Insurance
Maryland malpractice insurance premiums are among the highest in the nation.
Our 2021 Physician Buyers Guide for purchasing malpractice insurance in Maryland 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 Maryland 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 Maryland.
How to buy malpractice insurance in Maryland.
The best way to buy malpractice coverage is to work with a reputable malpractice insurance broker in Maryland 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 Maryland 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 Maryland.
- One of our veteran malpractice insurance agents who specializes in the Maryland market will contact you to learn more about your specific needs.
- We shop your coverage to every major insurance company in Maryland.
- 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.
- At renewal time, we restart the process of shopping your coverage among every major carrier to keep your policy properly priced.
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 Maryland, 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 Maryland 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 Maryland.
How much does medical malpractice insurance cost in Maryland.
Rates for physician malpractice insurance don’t vary much depending on where you practice within the state. Most major insurance companies classify Maryland 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 $11,173
- General Surgeon Average Rate $42,455
- OB/gyn – Average Rate $75,700
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 Maryland.
Limits of Liability: The most common limits of liability in Maryland 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: Sanai and Johns Hopkins in Baltimore, University of Maryland Charles Regional in La Plata and TidalHealth Peninsula Regional in Salisbury.
Best Medical malpractice insurance companies in Maryland.
- Medical Mutual Liability Insurance Society
- The Doctors Company
- ProAssurance Indemnity Co.
- Medical Protective
Why partner with Cunningham Group?
Partnering with Cunningham Group will give you a full view of the Maryland marketplace. We can get you quotes from all the major insurance companies and help you choose the policy that best fits your needs and budget. Our company was founded in Maryland, and this is where our headquarters is located. We know Maryland better than any broker in the state. Our veteran insurance agents average 15+ years of industry experience. Let us help you secure medical malpractice insurance quotes from every major insurance company in Maryland.
Historic Medical Malpractice Insurance Rates in Maryland for Physicians.
Brief History and other important facts of medical malpractice insurance in Maryland.
The state moved n a positive direction in 2020, when the Court of Appeals of Maryland adopted the Daubert standard for admitting expert testimony. In the 4-to-3 majority opinion, the Court of Appeals held that Maryland will now “implement a single standard by which courts evaluate all expert testimony: Daubert.” Under the Daubert standard, the factors to be considered when determining whether expert testimony may be admitted at trial include (1) whether the theory or technique in question can be and has been tested; (2) whether it has been subjected to peer review and publication; (3) its known or potential error rate; (4) the existence and maintenance of standards controlling its operation; and (5) whether it has attracted widespread acceptance within a relevant scientific community. Maryland had previously applied the Frye standard for admitting expert testimony, which required the expert opinion to be only “generally accepted” as reliable in the scientific community. With the Court of Appeals decision, Maryland joins 40 other states to implement some form of the Daubert standard for admitting expert testimony.
The state experienced a crisis in the mid-2000s when Medical Mutual Liability Society of Maryland – the largest malpractice insurer in the state – increased rates for some specialties by as much as 91 percent. The Maryland Medical Society (known as MedChi) responded by holding a physician rally on the steps of the statehouse to protest the rate hikes. The protest and subsequent formation of the Alliance to Preserve Access to Healthcare got the attention of lawmakers, but further reform was a slow process. Many physicians and groups continued to agitate for reform, and, eventually the Maryland Patients’ Access to Quality Healthcare Act of 2004 was passed during a special legislative session held between Christmas and New Year’s Day. The Act included many reforms that were positive for the healthcare community; however, many felt that the reforms were diluted and did not go far enough in protecting physicians and other healthcare providers.
Tort Reform in Maryland
Maryland has had a cap on noneconomic damages for medical malpractice cases since 1986. Originally, the amount of damages was capped at $500,000; in 2005, that cap was increased to $650,000, and, since 2009, the cap has increased by $15,000 each year. Currently, it is set at $812,500. There is no limit to total damages in Maryland. Other reforms in the Old Line State include an arbitration system, a requirement for a plaintiff to file a certificate of merit within 90 days of filing a malpractice claim and the creation of a $40 million rate stabilization fund to help keep malpractice insurance more affordable for physicians.