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Monthly Archives: June 2016

How do I qualify for credits on my Dental Malpractice Insurance Policy?

One of the aims of our Florida dental malpractice insurance agency is to be sure all of our dental clients qualify for the maximum credits on their dental malpractice insurance policy. The following is a list of some of the credits available to Florida dental practitioners on their dental malpractice insurance. If you have not been made aware of these credits, you could be robbing yourself of valuable premium savings.

Claims-Free Credit
Some dental malprctice insurance companies give significant premium credits if you have not had a claim in the recent past. Claims-free credits average around 10% of the annual policy premium.

Risk Management Credit
Most dental malpractice insurance companies give a premium credit if you successfully take one of their Risk Management courses. This Risk Management credit is generally around 10% of the annual malpractice policy premium. The benefit of taking a quality Risk Management Course that focuses on dentists is the ability to help avoid claims in the first place. A dental malpractice claim is very costly, both in terms of time, treasure and emotional health. The very best practice is to do everything possible to avoid a claim in the first place.

Specialty Discounts
Most dental malpractice companies in Florida adjust their rates according to the nature of your dental practice. For instance, some dental malpractice companies rate up for the use of anesthesia, including general, IV or IM sedations. Some rate up if you remove impacted wisdom teeth or place dental implants. If you do not perform any of these procedures, you dental malpractice insurance premium will generally be lower, depending on the company. This is why it is good to shop your dental malpractice insurance every so often, in order to qualify for the very best rates available.

New Companies in the State of Florida
Dental malpractice insurance companies entering the State of Florida generally reduce their rates to attract new dentists. In most cases, rates for their dental malpractice insurance policies have remained stable. There is significant competition, tort reform initiatives have reduced claims frequency, and the effects of meaningful risk management courses are being felt. Again, this is why you should regularly shop your dental malpractice insurance with an agent who represents more than one dental malpractice insurance company.

Gracey-Backer, Inc. is a full-service dental malpractice insurance agency. We represent several of the major Florida dental malpractice insurance companies. We offer our dental clients a wide spectrum of insurance services, including office policies, workers compensation insurance, personal home and automobile insurance and personal excess liability insurance.

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

Does your Medical Malpractice Insurance Agent “Shop” Your Malpractice Insurance?

One of the reasons a Florida physician and surgeon should use a qualified medical malpractice insurance agent is because the agent can shop the medical malpractice insurance each year. If the physician or surgeon goes directly to an insurance company instead of using an agent, he or she has lost the ability to shop the insurance among several medical malpractice insurance carriers.

The Florida medical malpractice insurance marketplace fluctuates each year. Malpractice insurance companies come and go. A company that is competitive one year may not be competitive on either the price or the features of medical malpractice insurance the next year. With a change in management, a company can change its appetite for business, and may either become more aggressive in terms of pricing or more conservative. The average Florida physician or surgeon, busy enough in his or her own practice, cannot be expected to keep up with the ever-changing medical malpractice insurance landscape. This is where a medical malpractice insurance agent’s services are invaluable for the Florida physician or surgeon.

So, what can an agent offer? First, they should know the overall medical malpractice picture in the State of Florida. Is the medical malpractice market “hard”, with rising prices and shrinking benefits, or is it “soft”, with competitive pricing, plenty of competition, and expanding benefits? What does each of the major carriers charge for a specific specialty? How are the medical malpractice insurance companies rated? And even who are the players? Insurance company personnel can migrate from one company to the next, thereby changing the appetite and reputation of the carrier. An experienced medical malpractice insurance agent can steer a Florida physician or surgeon with confidence because they have done their homework.

Second, the medical malpractice insurance agent can conduct a thorough review of a physician’s insurance program. They can present quality options for the malpractice insurance, pointing out strengths and weaknesses of the various medical malpractice insurance companies. They can dig into the policies, making sure there are no potential gaps.

And, finally, an agent that is part of a full-service insurance agency can offer the Florida physician or surgeon a quote on other lines of business, such as office insurance, workers’ compensation insurance with dividend plans, cyber liability insurance, employment practices liability insurance, and home and automobile insurance. They thereby simplify the insurance program for the doctor. They can save the Florida physician or surgeon valuable premium dollars by eliminating duplication and avoiding gaps.

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

Does my homeowner’s insurance policy include flood coverage?

No, flood losses are excluded on the Florida homeowner’s policy. The typical Florida Homeowner’s Insurance Policy (HO-3), under Section 1-Property Exclusions, excludes water damage caused by: (1)  Flood, surface water, waves, tidal water, tsunami, seiche, overflow of a body of water, storm surge or spray from any of these, whether or not driven by wind, including hurricane or similar storm.
(2)  Release of water held by a dam, levee, dike or by a water or flood control device or structure.

Why is flood damage excluded from the Florida homeowner’s policy?

Flood losses can be devastating, causing more property damage than any one insurance company can financially weather. Therefore, the federal government set up the National Flood Insurance Program (NFIP), to provide flood insurance for property located in a floodplain. The community must participate in the National Flood Insurance Program, which is administered by the Federal Emergency Management Agency (FEMA), which coordinates with private insurance companies to offer flood insurance to owners of property as well as to those who rent. Rates are set by the federal government and do not vary according to company or agent. They are set based on factors such as construction of the dwelling and the dwelling’s elevation level or risk for flood loss.

Limits of Flood Insurance Coverage

The National Flood Insurance Program covers limits of $250,000 for residences and $500,000 for commercial property. Higher levels of coverage are offered through Excess flood insurers.

Exclusions on the Flood Insurance Policy

Flood insurance does not cover water losses like burst water pipes, leaking water heaters, clogged sinks, broken toilets, or faulty sprinklers.

You, as the property owner, are ultimately responsible for understanding your homeowner’s/flood coverage. Remember that your home is the single largest investment you are ever likely to make, and protecting it from wind and water damage is extremely important.

We at Gracey-Backer, Inc. understand the difference between wind damage and flood damage. We have been advising our clients since 1925. We are happy to talk with you about your insurance needs. We encourage you to read your insurance policies and call us with questions or concerns before catastrophe hits.

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

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