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Monthly Archives: November 2013

What does the Limit of Liability mean on a Dental Malpractice Insurance Policy?


One of the most important decisions a dentist or oral surgeon will make regarding his dental malpractice insurance is which ‘limit of liability” to choose. There are many options, and the premium varies according to how much coverage is chosen.

The “limit of liability” on a dental malpractice insurance policy is the amount of money a dental malpractice insurance company will pay for bodily injury or professional injury caused by dental care that the insured dentist or oral surgeon provided or should have provided. If the dentist or oral surgeon is sued, this is the maximum amount the dental malpractice insurance company will pay.

The “per patient limit” shown on the Declarations Page is the most the dental malpractice insurance company will pay for damages against one patient. The “total limit” is the most the dental malpractice insurance company will pay for the total damages for claims made and reported to the dental malpractice insurance company during the policy period.

So, if the dentist or oral surgeon carries limits of $1,000,000/$3,000,000, the most the dental malpractice insurance company will pay for a claim by one person is $1,000,000. The dental malpractice insurance company will pay a maximum of $3,000,000 for all professional liability claims made during the policy period.

The amount of dental malpractice insurance a dentist or oral surgeon should have can be determined in consultation with us. Several factors are involved, including the price of coverage, the climate in his geographical area, his personal and business assets and his tolerance for risk.

John Gracey Backer, CPA


John Gracey Backer, CPA, is the Treasurer of Gracey-Backer, Inc., an Insurance Agency in Delray Beach, Florida specializing in All Lines of Malpractice, Professional and Personal Insurance for the Healthcare Provider. He can be contacted at 800-272-6055 ext 128, or at john@gbifl.com.

What is prior acts coverage in Physician and Surgeon Medical Malpractice Insurance?


If a physician switches medical malpractice insurance carriers, it is customary for the new medical malpractice insurance carrier to provide “prior acts” coverage for the physician. This means that the new medical malpractice insurance carrier uses the same retroactive date as the previous medical malpractice insurance carrier so the physician’s coverage is seamless. Now, any claim which arose from “prior acts”– when the physician was insured with the prior medical malpractice insurance carrier — will be covered by the new medical malpractice insurance carrier. This action eliminates the need for the physician to purchase a “tail” policy from the first medical malpractice insurance carrier upon cancellation of their policy.

Barbara Gracey Backer


Barbara Gracey Backer is the Vice-President of Gracey-Backer, Inc., an Insurance Agency in Delray Beach, Florida specializing in All Lines of Professional and Personal Insurance. She may be contacted at 800-272-6055 X118 or at barbara@gbifl.com.

A Unique Disability Policy for an Oral Surgeon or Dentist


Banks often require oral surgeons and dentists to have disability coverage for their loans. Why? The reason is because if they can’t work, then there is no revenue and therefore no loan payments.

Often, the oral surgeon or dentist will simply assign his personal disability policy to the bank. How tragic if a disability actually happens!! Not only is the dentist out of work and needing the money from the disability policy, but the bank has also attached itself to the monthly check from the policy. In the end, it is the family who suffers.

Loan disability coverage is very inexpensive when compared with the personal income coverage. In the event of a disability, 100% of the distribution can go to the family because the business loan is paid by the business policy.

These policies are good for any kind of business loan.

If you are interested in a disability policy for this purpose or for any purpose, please contact Forrest DeBuys at (205) 918-1515 or fdebuys@ft.newyorklife.com for more information.

What are Limits of Liability on a Physician and Surgeon Medical Professional Liability Policy?


The limit of liability on a physician and surgeon professional liability policy denotes the amount of money an insurance company will pay on behalf of the insured physician or surgeon in the event of a medical malpractice insurance claim.

A $1,000,000/$3,000,000 limit of medical professional liability insurance means that the most that the medical professional liability insurance company will pay for any one claim against a physician or surgeon in a year is $1,000,000. The most the medical malpractice insurance company will pay for any amount of professional liability claims against the physician or surgeon in one year is $3,000,000.

Many of our physician and surgeon clients ask how much professional liability coverage they need. At the risk of being vague, the answer really depends on a number of factors, including the physician or surgeon’s annual income, his assets, and medical professional liability insurance premium costs. We at Gracey-Backer, Inc. will consult with a physician or surgeon and tailor a policy for his or her particular needs.

Barbara Gracey Backer


Barbara Gracey Backer is the Vice-President of Gracey-Backer, Inc., an Insurance Agency in Delray Beach, Florida specializing in All Lines of Professional and Personal Insurance. She may be contacted at 800-272-6055 X118 or at barbara@gbifl.com.

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