Oklahoma physicians concerned about their liability insurance carrier have another option thanks to The Medical Protective Company.
The company announced the introduction of a new product to protect Oklahoma physicians from liability when their carrier is unable to meet its obligations.
The Oklahoma Department of Insurance has approved Contingency Prior Acts coverage, underwritten by The Medical Protective Company. Contingency Prior Acts would protect physicians in the event that their previous insurer could no longer honor its commitments. It will contain the same consent to settle provisions currently offered in Oklahoma.
“One of the imperatives for an effective healthcare system is availability of coverage that’s backed by financial security,” said Timothy Kenesey, president and CEO of The Medical Protective Company. “When a physician learns their carrier is unable to meet its commitments, they look to the market for security and stability. And that’s what we are striving to provide with this new product.
“The Medical Protective Company is committed to being a long-term solution for healthcare professionals in Oklahoma and across the country. While dozens of other carriers have become financially impaired or insolvent, or left the market by choice due to poor results, our company has continued to execute on its disciplined approach to this challenging line of business.”
Oklahoma physicians have reportedly enjoyed the protection and defense offered by The Medical Protective Company since the 1990s. By offering Contingency Prior Acts coverage, it is extending to more Oklahoma physicians its nationally recognized defense strategy and unparalleled financial strength.
The Medical Protective Company’s claims team manage more than 15,000 claims a year, more than 80% of which are closed without a loss payment. Its physicians win at trial nearly 90% of the time. The company’s experienced local counsel provides knowledge of the region’s legal climate and access to the insured.
For more information about The Medical Protective Company’s Contingency Prior Acts coverage, physicians can go to www.medicalprotective.com.
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