“Designed for Protection”
Medical malpractice insurance policies are sometimes treated as commodities, similar in most respects and different only in their cost. Galen Insurance Company’s policy was designed with the current needs of medical professionals in mind. It incorporates the best features of med-mal polices now in use. Here are some highlights:
“Claims Made”
The policy covers claims that are first known and reported to Galen during the policy term. Because some claims will involve medical events that took place before the policy went into effect many doctors purchase retroactive (“nose”) coverage covering such claims. The alternative is to have “tail” coverage from a previous policy. Galen offers “prior acts” coverage to protect doctors from a gap in insurance protection.
Extended Reporting Period
This is the technical name for what is commonly called “tail coverage”. Galen offers this coverage for thirty days at no charge if an insured is changing to a new company. An insured who wants tail coverage for a longer time can purchase it. An insured who becomes disabled is given extended coverage at no cost, as is someone who retires at age 55 or beyond if he or she has been insured by Galen for three consecutive years.
Entity Coverage
Most physicians own, and operate through, a corporation or partnership. Galen’s policy provides that the entity can be the policyholder, with the individual doctors each having a separate amount of insurance and being a “named insured”.
Insured Employees
Nurses and other employees of the entity or the doctor are covered for claims made against them without any additional charge unless they seek a separate amount of insurance, as some professionals in allied medical fields do.
Claim Expenses
The cost of providing a defense to any claims is Galen’s responsibility, and is in addition to the obligation to pay any damages.
Consent to Settle
Unless an insured chooses to waive this right and obtain a lower premium, the insured’s consent to a proposed settlement is required in most circumstances. Exceptions include being deceased, missing, or incompetent; unreasonable delay, or a claim made during an optional extended reporting period.
Deductibles
Galen offers deductibles to insureds who want to lower their premiums.
Covered Activities
Galen covers medical professionals when they are providing medical services, but also when they are providing counseling or social services related to medical care. Peer review and emergency care outside of Missouri are included.
Covered Expenses
The Galen policy provides payments for loss of income caused by attendance at legal proceedings related to a claim up to a limit of $12,500, and up to $5000 for the cost of defending an insured before a licensing board, peer review committee, or government entity investigating a civil matter. |
