Private Malpractice Insurance
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| Ask yourself, what type of setting do you work in? | Acute care setting will likely sue the hospital for more money
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| What potential damages could the population assert upon you? | Ie nursing home setting likely wouldn't sue for loss of wages
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| How much value in personal assets do you have? | If you're broke, they won't get much if they sue you
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| What does HPSO stand for? | Health Providers Service Organization
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| HPSO info | APTA-endorsed malpractice insurance
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| How much does HPSO generally cover? | $1 million per occurrence with $3 million aggregate per policy year
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| How much are HPSO premiums? | Usually <$500/year
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| Excessive Insurance | An agreement to indemnify against any loss that exceeds the amount of coverage under another policy
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| Declaratory Actions | Determination of whether a policy covers a given incident to determine insurance coverage; You could potentially bring a declaratory action vs. insurer if they denied coverage covered under their policy
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| Bad Faith Claim | An insurance company's unreasonable & unfounded (not necessarily fraudulent) refusal to provide coverage in violation of the duties of good faith & fair dealing owed to an insured
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| Bad Faith Claims- insured feels that the insurer failed to act in the insured's best interest | If insured feels a settlement should have been offered for the amt of the policy limit per claim but insurer won't settle for it; often, plaintiff's attorney will overvalue claims to wedge b/t insured & insurer
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| Subrogation | The substitution of one party for another whose debt the party pays, entitling the paying party to rights, remedies, or securities that would otherwise belong to the debtor
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| Reservation of Rights | A contract in which the insured acknowledges that the insurer's investigation of defense of a claim against the insured doesn't waive the insurer's right to contest coverage later
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| Occurrence vs. Claims-Made Coverage | Occurrence- claim can be reported either during the policy period/after the policy expires;
Claims-Made...- Claim must be reported during the policy period
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| Tail Coverage | Associated with claims-made policies; Purchased to address exposures for incidents that took place during the policy period but weren't reported prior to expiration
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| Nose Coverage | Provides protection for professional acts, errors, or omissions that may have taken place but weren't reported prior to new policy's effective date; aka prior-acts coverage
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| Limits- Two Amounts | $1 million/$5 million; Single max amount of protection for any single claim/Total amount for all claims filed in the policy term
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