Cross-border malpractice coverage for NY/NJ Physicians

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NY/NJ Physicians: Medical Malpractice policies to cover practices in both states.

PriMed Consulting has helped several physicians and groups that have expanded their practices to include locations in NY & NJ in finding the appropriate coverage for their medical malpractice insurance needs. As there is a great deal of crossover between NY & NJ practices, we often find ourselves faced with the prospect of combining the requisite liability coverage limits in both states. However, as the limits of malpractice coverage tend to differ from state to state, we need to explore options that would address these requirements. For example, hospitals in NY may require their physicians to carry higher limits of liability than those required by NJ hospitals.

Fortunately, carriers such as Princeton Insurance Company address this issue by offering a “border endorsement” to their policies as needed. This conveniently allows a physician who practices in both states to carry the $1,000,000/3,000,000 limits of liability required in NJ for their NJ exposure, and the $1,300,000/3,900,000 limits required in NY for their NY exposure. Princeton then determines the premium based on the NY/NJ ratio. Additionally, NY hospitals will only accept certain malpractice insurance carriers as part of their credentialing process. Princeton Insurance is accepted in many of New York’s prestigious institutions.

A combined medical professional liability insurance policy negates the need to buy separate policies to cover practices in NY & NJ by providing limits and premiums based on the percentage of practice hours in both states and the limits of liability desired.

For more information on malpractice insurance for multi-state practices in NY & NJ, contact business name and a licensed insurance professional will help you explore all your options.