Currently, the Florida medical malpractice insurance marketplace is relatively stable and very competitive. This is good news for Florida doctors wishing to purchase medical malpractice insurance. Most of the major medical malpractice insurance companies in Florida offer hefty discounts to differentiate themselves from the competition. It is vital for Florida doctors to realize that medical malpractice discounts can apply to their practices.

The following discounts on medical malpractice insurance policies are available to Florida doctors. Check to see if you qualify:

• New-To-Practice Credit – Doctors just starting out in practice have very little exposure to litigation. Therefore, Florida medical malpractice companies often apply significant discounts during the first two or three years of practice. The first year malpractice premium discount is often as much as 50%. Premium credits for the new practitioner diminish over time and, after a period, are no longer available as the doctor is no longer new-to-practice.
• Loss Free Credit – Available to those Florida doctors that the malpractice insurance company most wants to attract. Available if the doctor has not had a claim in 3, 5, 10 or even 20 years. Credits vary, but can be as much as 25% of the medical malpractice base premium, especially if there is competition from other medical malpractice insurance carriers.
• Society Memberships – Membership in National, Regional, or State Medical Societies can often result in a discount. Some medical malpractice companies specialize in putting together malpractice insurance programs for groups of similar specialty physicians.
• Large Group Discount – A large group is appealing to a Florida malpractice insurance company, especially if the group is relatively claims-free. Competition forces malpractice insurance companies to apply credits to take a large group from a competitor.
• Part-Time Credit – A Florida doctor may receive a sizeable credit on malpractice insurance for working reduced hours. Credits generally range from 25% to 50% for Florida doctors working 20 hours or less per week.
• Risk Management Credit – Some medical malpractice insurance companies offer credits for taking an approved risk management course. Sometimes there is a charge for taking the course. Sometimes it is offered at no charge. Credits are normally 5% of the malpractice insurance premium and are good for a few years, at which time the course must be taken again to continue the credit. Courses are normally offered on-line.
• Board Certification Discount – This discount is available to physicians and surgeons who successfully complete their board certification. Different medical malpractice insurance carriers give different board certification credits. Some carriers require board certification as a prerequisite to insuring the doctor.
• Discretionary Credits – Most medical malpractice carriers can apply discretionary credits depending on how badly they wish to secure a piece of business.

It is important that you ask about receiving maximum credits. We have seen many cases where a physician or surgeon, simply by asking, has been able to reduce the cost of his medical malpractice insurance policy, especially if he is in a good bargaining position with a clean record and a preferred specialty.

In any case, it is important to:

Choose the right payment option

Most Florida medical malpractice insurance companies will allow annual, quarterly, or monthly payments. While this is a good thing, be sure to determine if finance charges apply. While spreading payments out can greatly improve cash flow for a practice, it sometimes comes at a cost. Some physician practices in Florida employ a bank’s line of credit to pay medical malpractice insurance premiums. Others pay the premium in one lump sum, thereby avoiding finance charges. Then, through the year, they bank money to pay in full the next year, again avoiding finance costs. And, finally, some medical malpractice insurance companies on Florida will allow doctors to pay in installments with no finance charge. Some companies will require ACH/EFT to offer monthly payments. This is a competitive tool that can benefit the Florida doctor.

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• The business is in an industry other than construction and it has four (4) or more employees, full-time or part-time (Corporate officers that have correctly filed exemptions with the state do not count as employees).
• The business is in the construction industry and has one (1) or more employees (Corporate officers that have correctly filed exemptions with the state or a member of a limited liability company do not count as employees).
• You are a farmer and have more than five (5) regular employees and/or twelve (12) or more other workers for seasonal agricultural labor lasting thirty (30) days or more.

If a Florida business cannot show proof of Workers’ Compensation insurance coverage, the State will seek civil enforcement. Specifically, the Florida business will be subject to a penalty equal to two times the amount the business should have paid within the preceding two year period.

If an employer commits one of the following infractions, a Stop-Work-Order (SW0) will be issued:

• The employer understates payroll in an attempt to reduce the Workers’ Compensation insurance premium;
• An employer misrepresents the employee’s duties in an effort to reduce the workers’ compensation insurance classification;
• An employer otherwise attempts to avoid paying Workers’ Compensation insurance premiums.

We are finding that many small businesses in Florida are facing fines and penalties as described above because Florida state investigators are “popping in” to their offices unannounced and discovering that they don’t carry Workers’ Compensation insurance.

Call our offices at 1-800-272-6055 for more information on our Workers’ Compensation dividend program for healthcare providers, which provides a 30% dividend if no losses and guarantees a 10% dividend even with losses.

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• Characteristics of the automobile – Age, manufacturer, value, safety features (anti-lock brakes, anti-theft devices, adaptive cruise control, lane departure feature) all matter to insurance companies.
• The coverage selected – Liability limits, uninsured motorist, collision, comprehensive coverages vary significantly depending on your willingness to take on more risk.
• Deductible you select – Higher deductibles mean that the driver pays more to repair his vehicle before the insurance kicks in, thus reducing your premium.
• Profile of the driver – Age, gender, marital status, place of residence, driving record all help determine your ultimate premium.
• Usage of the car – Do you commute to work, use your vehicle for business or pleasure only?

Before the dawn of advanced technology, determining an auto rate was fairly simple: look at the prospect’s age, driving record, location and type of vehicle. Today, because of advances in data technology, automobile insurance companies can pinpoint more exactly how much to charge based on our individual risk profile. The following are individual risk factors that will determine if you are charged more or less money by your auto insurance company:

1. Credit Rating – Study after study indicates that a person’s credit rating can determine their propensity to have an accident. The best automobile insurance companies insure drivers with the best credit scores.
2. Payment History – Similar to your credit history, if you pay your automobile premiums on time, you may be able to reduce your premium.
3. Age – Around 30% of all vehicle injuries in the U.S. are caused by drivers aged 15-24. Those in the 16-19 group are three times as likely as those over age 20 to be in a fatal car crash. Motor vehicle accidents are the leading cause of death for teenagers in the country. For this reason, drivers age 16-19 pay 50% more on average for automobile insurance than drivers aged 20-24. As drivers age, their rates typically decline until, by age 55, drivers can enjoy senior discounts.
4. Driving Record – Driving history has shown to be an accurate indicator of future claims. Drivers with a clean driving record enjoy discounts not granted to those with tickets or accidents.
5. Gender – Men, especially young ones, are much more likely to be involved in automobile accidents than women, regardless of their age. For this reason, men pay significantly more for their automobile insurance over the years than women.
6. Nature of Employment – Drivers who use their cars for business, like real estate salespeople, pay higher rates than drivers who work from home. While it is difficult to quantify, drivers who work in high stress jobs for long hours, like doctors, tend to have more accidents than those in low stress occupations.
7. Vehicle type – Cars that are more expensive to repair or which are most likely to be stolen carry higher rates than others. Some high performance automobiles are very difficult and expensive to insure. Cars with extra safety features may be subject to additional credits.
8. Location of your home – Drivers who live in high risk urban areas of the country and those who live in high-crime neighborhoods where their vehicles are more likely to be stolen or vandalized, pay higher rates than others.
9. Marital Status – Married people tend to be better drivers than singles and pay lower premiums. In many cases, the multi-car discount kicks in, thus reducing your premium.

Armed with this information, there are many ways you can reduce your automobile insurance rates by improving your risk profile. There are no quick-fix solutions but rather improving your risk profile is a long-term operation.

Talk with us to understand the wide array of options for automobile insurance. You are very likely subject to credits about which you were unaware. We represent many different insurance companies and can design a custom-made automobile insurance policy to fit your specific needs.

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The caveat to this is that teenage driver rates vary by gender. Insuring a 16 year old son can raise the insurance bill by a staggering 92 percent, while adding the same teenage daughter will result in a 67 percent increase.

What about the driver with the learner’s permit only?
Since a child with a learner’s permit only is generally a casual driver and also under the supervision of his parents and cannot legally drive alone, he is not required to carry his own insurance or be added to his parent’s policy.

Should I purchase a separate policy for my teenager or add him to my family policy?
It is most expensive to purchase a separate policy for a teenage driver and less expensive to add him or her to the family policy. The downside of keeping him on the family policy is that an accident or ticket can affect the parent’s insurance premium and/or potentially expose the parent to lawsuits resulting from damage beyond the policy limits. Either way, a perent is responsible until the child turns 18.

When do rates begin to fall for my teenage driver?
Fortunately, if your teenager remains claims-free, his rates will drop as the years move on. According to InsuranceQuotes.com data, a teen driver’s premium surcharge will eventually fall to an average of 58 percent once he or she turns 19.

How can I reduce the cost of insurance for my teenage driver?
There are several ways you can mitigate the cost of your teenager’s automobile insurance:

• Shop around for less expensive coverage. You will be amazed at the variety of premiums charged by companies.
• Be sure you are receiving all available adult driver credits.
• Raise the deductibles for collision and comprehensive coverage.
• If your teenager (under age 25) qualifies for a good student discount (B average or better), present that certificate to your agent.
• Enroll your teenager in a qualified driver safety course.
• Consider an electronic monitor that plugs into the car’s onboard diagnostics.
• Is your teenager away at school? It may be less expensive to insure him at that location, especially if he resides more than 100 miles from your home and only occasionally uses your vehicle.

Call the experts in automobile insurance at Gracey-Backer, Inc. for a competitive quote. We are happy to advise you about ways to insure your teenage driver. Because we represent a “stable” of “A” rated insurance companies, we have the flexibility and knowledge to design a custom policy to fit your needs.

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We suggest that a physician or surgeon use an independent agent with experience in this specialized type of insurance. Through the years, companies have come in and out of the Florida market. Rates have risen and fallen. It is important to choose a strong malpractice carrier who can carry you through the ups and downs of the marketplace.

The financial strength of your insurance carrier is an extremely important consideration. A.M. Best, Inc. is the most widely respected rating agency for the insurance industry. It basically issues financial strength ratings measuring an insurance company’s ability to pay claims. An A.M. Best rating of “A-“ or better is preferable when choosing a medical malpractice insurance company.

Obviously, the premium charged by the medical malpractice insurance company is a very important component of the decision. It is important to delve a little deeper if a premium is too much lower than the competition. We have seen carriers charge too little to gain the business and then either raise the premium later or leave the marketplace altogether.
Medical malpractice insurance carriers offer varying degrees of premium discounts for the following:

• New practitioners
• Part-time practice
• Completion of a risk management course
• Claims-free practice

Be sure to take advantage of these discounts.

A medical malpractice insurance agent who specializes in this complicated form of insurance and who represents a wide range of carriers can help you find the best company for your particular needs.

If you are interested in learning more about medical malpractice insurance, or to receive a no obligation quote, please contact us at 1-800-272-6055.

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The answer is simple. Yes, a Florida condominium unit owner on the upper floors of a condominium should purchase flood insurance. This is especially true if the condominium building is located near the ocean.

The biggest flood exposure a unit owner has is damage from a major hurricane or tidal surge which undermines the structure of the entire building. So, even thought the water itself may not reach the upper floors, the force of that water could collapse the building, making the unit uninhabitable. This is obviously an unlikely scenario. But that is what insurance is all about—large numbers of people pooling their money to insure an unlikely event.

In this case, if water damages your unit, your flood insurance policy will respond. In addition, your policy will respond if the condo association’s flood master policy is insufficient to cover damage to the common elements and you are assessed for the difference. While these risks are rare, they would be catastrophic if they occurred.

It is recommended that you check with the condominiums property manager to see if there is a Master Flood Insurance Policy in force. The master flood insurance policy will help us know how much coverage can be written on your additions and alterations and on your contents. The property manager should also have the elevation certificate of the building on hand, which is needed to secure an accurate quote on your unit’s flood insurance.

Remember that a Florida Condominium Unit Owner’s (Homeowner’s) Insurance Policy does NOT cover the peril of flood. Many Florida condominium owners have the false impression that they are fully covered for hurricanes by their homeowner’s policy without taking the risk of flooding into account.

Gracey-Backer, Inc., an Insurance Agency in Delray Beach, Florida specializes in all lines of personal insurance, and has since 1925. For a no-obligation quote on homeowner’s insurance, auto insurance, flood insurance, boat insurance, or umbrella insurance policies, please contact us 561-276-6055 or 800-272-6055 and ask for a Personal Lines Account Executive. Or you can email us at insurance@gbifl.com.

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Medical malpractice occurs when the healthcare provider is determined to have deviated from the generally accepted “standard of care”, or what a prudent healthcare provider would do or would not do in a similar situation.

Most medical malpractice insurance policies cover a physician’s conduct as a member of a peer review panel. Typically, he is open to a medical malpractice lawsuit if it is deemed that his decision was inappropriate and caused a loss of income for the claimant.

Even if the healthcare professional has not deviated from the recognized standard of care, he can still be sued. He may prevail in a court of law, but the process is very expensive, time-consuming, and devastating to his emotional and mental health. He can turn to his medical malpractice insurance to cover costs, including:

• Attorneys’ fees and court costs;
• Arbitration costs;
• Settlement costs;
• Punitive and compensatory damages;
• Medical damages;

Typical exclusions on a medical malpractice insurance policy include liability arising from alleged sexual harassment, criminal acts, misrepresentation on the application for medical malpractice insurance, hospital or laboratory administration, and deliberate alteration of medical records.

If you are interested in learning more about medical malpractice insurance, or to receive a no-obligation quote, please contact us at 1-800-272-6055.

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