Medical professional liability insurer Medical Protective announced the introduction of a new product to protect Oklahoma doctors from liability when their carrier is unable to meet its obligations.
Medical Protective will now offer Contingency Prior Acts coverage to Oklahoma doctors. Contingency Prior Acts would protect doctors in the event that their previous insurer could no longer honor its commitments. The coverage will contain the same consent-to-settle provisions currently offered in Oklahoma.
Oklahoma doctors have enjoyed the protection and defense offered by Medical Protective since the 1990s. With Contingency Prior Acts coverage, more Oklahoma doctors will have access to Medical Protective’s financial security, claims defense and risk management programs. For example, each year Medical Protective claims experts manage over 15,000 claims, more than 80 percent of which are closed without a loss payment, and its doctors win at trial nearly 90 percent of the time.
Medical Protective’s shareholder, GE Insurance Solutions, recently announced its intent to sell 100 percent ownership of Medical Protective to a unit of Berkshire Hathaway. Medical Protective’s management team will remain in place and its already industry-leading ratings could, according to Standard & Poor’s, “be raised by one to three notches reflecting potential support from BRK,” the company said. The transaction, which is subject to regulatory approvals, is expected to close by June 30, 2005.
For more information about Medical Protective and its Contingency Prior Acts coverage, health care providers can go to www.medicalprotective.com, call (800) 463-3776, or contact their independent agent.
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