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Re: MalpracticeFrom: ENDODOK@aol.comThu Sep 25 19:37:42 2003
The crisis will only worsen! Having been forced into an unplanned retirement because my premiums went from $60,000 to $201,000 (2003 to 2004),. let me share with you a very expensive lesson. Liability carriers lost billions in the last 2 years. Of the 25 largest carriers in the US in 2002, only 2 were profitable. If you currently are covered by a "local" major company (eg in California, Doctors Company, SCPIE, NorCal), DO NOT JUMP TO A LESSER-COST 2ND TIER CARRIER FOR YOUR COMMUNITY because their premiums are currently less costly as these are precisely the companies most inclined to abandon medical liability coverage because their reduced premiums fail to cover their costs. What then happens is the 'abandoned doc' must scramble to find a new carrier, and at the same time either (1) pay an enormous tail to the departing company to cover prior acts, (2) pay an overwhelming "nose" coverage to a new carrier ( in my case $201,000/ year for 5 years-- a"mature" policy) or (3) retire from Medicine. Retirement should be carefully planned, and executed at the time of your choosing. Forced retirement can be unpleasant and stressful. There are few opportunities for obgyns' in the twilight years of their careers. Total reform of the liability problem is the only solution, and politically this is a long way out there. Capping awards is not the answer because of the 19 states that instituted caps, half were successful in reducing premium increases, the other half saw no relief from spiralling premiums. J.Glenn Bradley MD
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