Nationally Medical Professional Liability (medical malpractice) premiums have been flat, declining, or had substantial coverage endorsements added over the past decade.   What could bring this to an end and again cause premiums for physicians and hospitals to rise?  The conventional wisdom is one if not two critical indicators would have to change.  Critical indicator #1 is frequency or the number of medical malpractice suits filed.  Critical indicator #2 is Severity or size of losses. The 2011 year brought some interesting developments.  According to Hiscox (super losses in US healthcare on the rise), the frequency of catastrophic claims has increased.  For … Continue reading

The Society of Automotive Engineers [SAE] published a paper in 1995 that suggested ways to eliminate blind-spots in your vehicle. However, many people have never heard of this of refuse to change the way that they are comfortable having their outside mirrors adjusted. If you are willing to be uncomfortable for a short amount of time, the change is worth it.  You will no longer have to wrench your neck to check your blind-spots. HERE’S HOW IT WORKS 1. INTERNAL REAR-VIEW MIRROR – Adjust your mirror so that you can see straight back behind your car. 2. LEFT SIDE MIRROR – … Continue reading

Kelly Reed is one of VAST’s Professional Solutions advisors.  He is an expecting father and former college football player at Northern Michigan University.  Kelly primarily works with physicians, community based hospitals and integrated health systems throughout the Midwest. He spends much of his time assessing risks in professional organizations and sees similarities to how he and his offensive line assessed risks before each snap in a college football game.  Watch the video above to see how they are similar.

WHY ARE MY AUTO RATES GOING UP?!  This is a common question that we hear from clients.  One of the reasons we are seeing increases in Michigan is due to Personal Injury Protection coverage (PIP). In the insurance world today, especially in the State of Michigan, the discussion of Personal Injury Protection has never been more important.  It is Michigan Law that every vehicle has PIP, which covers medical costs and lost wages in the event of an accident.   Medicare/Medicaid does not cover injuries sustained in an auto accident.  This means insurance companies, in the unfortunate event of an … Continue reading

What is cyber liability?  This is a question that is posed to me nearly every day.   The simple answer to the first part of the question, cyber liability is not really “cyber liability.”  While that statement may not sound like a sane person talking, it is completely accurate.  The risk commonly referred to as cyber liability in my eyes is better described as “a healthcare provider’s responsibility to protect personally identifiable information or personal health information.” The advice that I provide to my clients is to stop thinking of this risk as a cyber-crime, but think of the risk as … Continue reading

It started with a phone call last week and we’ve been inundated with incoming emails, calls, and requests ever since. If you live in Michigan, take notice.  You might be distracted when driving down the road wondering how the motorcyclist in front of you is getting away so carelessly without wearing a helmet.  As of Thursday April 12, 2012, Governor Snyder has officially signed the “No Helmet Bill”repealing the old helmet law which has been highly enforced in the state of Michigan for 40 years. What does this mean? In order to avoid wearing a helmet: You must be 21 … Continue reading

All Medical Professional Liability policies areNOTcreated equal.  The value you receive is often related to the dollars you spend.  While we understand in today’s healthcare climate is challenging at best, price should not be the only factor when considering what policy is right for you.  A Cheap Medical Malpractice policy may be what you are looking for, but upon further review is not always what a practice needs. Following are four things you should know about your medical malpractice carrier: Claims Management – Nothing is more important that the reputation of a practice. Questions to ask to better understand who … Continue reading

Do I need to buy rental car insurance?  It’s a common question and we were confident in telling clients not to think twice about renting that car on vacation.  After all, it had made sense for so many years that your personal auto policy would pick up the slack if you damaged a rental car in your possession.  It wasn’t until the last 3-4 years that this has changed.  The following are three costs that will be passed along to you if you were in an accident with a rental car. Diminished Value – this is a fun term that … Continue reading

Most Medical Professional Liability policies are written as “Claims Made coverage” today.  There are other options in the marketplace including Occurrence coverage and Modified Claims Made coverage.  Claims Made policies can offer benefits including reduced costs early in a physician’s career, flexibility as your career progresses, but Tail Coverage should always be top of mind.   The following items will help you navigate the benefits and concerns of a Claims Made policy. Substantial Savings – Claims Made Medical Malpractice policies typically “step up” the premium from year 1 – Year 5 often called a mature rate.  Malpractice claims have a longer … Continue reading

You’ve probably heard a friend, family member or neighbor talk about the value of separating an accident prone teen driver off onto their own auto policy.  It’s a common problem and an even morecommon question that parents of newly licensed drivers ask.  In general, we usually find the effect of this to be adverse.  Here’s why: Credit – in many states (including Michigan) insurance carriers use your credit to develop what is called an insurance score.  Your rates are often largely determined by this number.  Younger drivers generally don’t have as solid of credit as their parents do.  Worse credit … Continue reading