Frequently Asked Questions

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Company Overview | Physician Policy Overview | Claims Overview

 

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Company Overview

What kind of carrier are you?
Could your policy holders be assessed?
How long have you been in business?
Who is your management team?
Are you endorsed or sponsored by any medical associations?
Are you rated by A. M. Best?
How sound is your asset base and surplus?
Do you have reinsurance?
Will I have easy access to your management team?
In the event my application is declined or my coverage is non-renewed, will I have the right to appeal?
Can I buy coverage directly from Florida Doctors Insurance Company?

What kind of carrier are you?
Florida Doctors Insurance Company is a stock insurance company. We are not publicly traded; rather, our stock is privately-held by a group of Florida residents who care about Florida healthcare and the future it holds. Therefore, our results are not managed to meet the expectations of Wall Street analysts or other outside parties.  Over 50% of our investors are physicians.

Could your policyholders be assessed?
No. Policyholders do not have any personal liability for losses incurred by our past claims.

How long have you been in business?
We received our certificate of authority on November 3, 2005 and began accepting applications for medical professional liability insurance immediately. FLDIC will benefit from recent tort reform immediately. Companies with long legacies will continue to be battered by pre-tort reform claims.

Who is your management team?
Members of our management team have worked in all facets of the insurance industry - insurance agencies, insurance companies and regulatory bodies. Our managment team has extensive experience in the Florida medical malpractice industry. Click here for management team profile.

Will I have easy access to your management team?
Your independent insurance agent should always be your first point of contact for any issue pertaining to your professional liability coverage. However, you may contact any member of our management team at any time.

In the event my application is declined or my coverage is non-renewed, will I have the right to appeal?
You have the right to appeal either type of decision. The company has an underwriting committee composed of members of our Board of Directors. If you decide to file an appeal, you will be invited to personally address the committee at a location, time & place decided by the committee. The decision of the committee will be final and binding.

Can I buy coverage directly from Florida Doctors Insurance Company?
No. All of our policies are distributed through independent insurance agents located throughout the State of Florida. These agents understand your business and the coverages you need. They will act as your advocate in the placement of your coverage as well as being able to offer valuable advice based on their knowledge and experience. If you do not currently have an insurance agent representative, please contact our Marketing Department and we will provide you with a referral.

Physician Policy Overview

What does the policy cover?
What policy limits are available?
Do you offer discounts for physicians with favorable claim histories?
Will you cover my locum tenens?
Will I be able to pay a reduced premium if I am new to practice, practice part-time or take leave for military service, family reasons, disability, or a sabbatical?
What payment plan options do you offer?
What extended reporting (tail) coverage options are available?

What does the policy cover?
The Professional Liability section of our policy provides coverage for injury or damage arising from:

• professional liability claims that are brought against you by a patient in your practice as a physician or surgeon
• your service on a hospital or professional society board or committee
• your participation in quality assurance activities where you evaluate the quality of healthcare services or patient safety
• your participation in a formal credentialing, peer review or quality assurance board or committee

The Corporate Liability section of our policy provides coverage for the vicarious liability of a professional association, corporation or partnership. This coverage provides a separate limit of liability and is only available to a group of 2 or more physicians or surgeons.

The Investigation Defense section of our policy provides you with a $25,000 sublimit to defend actions and reviews by medical licensing boards, credentialing agencies, professional review organizations, Medicare and Medicaid.

What policy limits are available?
Policy Limits up to $1,000,000 per claim, $3,000,000 per aggregate are available. If you have a need for a higher limit, please have your agent contact our Underwriting Department.

Will you cover my locum tenens?
Yes. The company will cover a locum tenens substituting for you. However, you must notify us in advance of the substitution date.

Will I be able to pay a reduced premium if I am new to practice, practice part-time or take leave for military service, family reasons, disability, or a sabbatical?
Yes. We offer reductions in premium for each of the situations described above.

• full payment of the policy premium
• quarterly installments (25% for each payment)
• 20% down and 9 equal installments

There are no finance charges or other fees if an installment option is elected.  We also accept Visa, Mastercard, American Express and Discover.

What extended reporting (tail) coverage options are available?
If you decide to leave us for another carrier, you will have the option to purchase tail coverage. We will provide a quotation and you will then have 30 days to decide on its purchase. There are no finance options available on the tail premium and you cannot cancel tail coverage once the premium has been paid.

If you die or become permanently and totally disabled, our policy will provide tail coverage at no charge, regardless of your age or the number of years you were insured with us.

If you completely retire from the practice of medicine and have been insured with us for the last 5 years prior to your retirement, our policy will provide the retirement tail coverage at no charge, regardless of how old you are when you elect to retire. However, if you decide to return to work, the free retirement tail coverage is no longer valid.

Claims Overview

Do you have your own claims department?
What kinds of services are provided as part of my defense?
What if the allegations made by the plaintiff are groundless?
Does the cost of my defense reduce my policy limit?
What if you become aware of an incident that is likely to result in a claim or lawsuit?
What are examples of incidents that I should report?
Will these precautionary reports impact my premium or my ability to keep my insurance?
Can you settle a claim without my consent?
Do you cover punitive awards?
Will I be reimbursed for lost income if I have to go to court?

Do you have your own claims department?
Yes. Our senior claims executives are two of the most experienced available in the State of Florida. Ray Carey, our Sr. Vice President of Claims, will oversee the entire claims operation for the company. Mr. Carey has been protecting physicians in Florida for over 35 years.  We also have Joe Brackett, Vice President of Claims who has over 27 years of experience protecting Florida physicians. 

What kinds of services are provided as part of my defense?
We will assign a claim representative to oversee the day-to-day management of your claim. In addition, we will select an experienced defense attorney in your area to represent you. Finally, we will engage expert witnesses as necessary to support the defense of your treatment plan.

What if the allegations made by the plaintiff are groundless?
As part of our policy, we will defend you regardless of the validity of the allegations made against you.

Does the cost of my defense reduce my policy limit?
No. All defense costs (including those of attorneys and expert witnesses) are provided in addition to the policy limit.