Med/mal contracts offered to ASCs, surgical hospitals

Congress also targets relief for physicians

James G. Parker Insurance Associates in Fresno, CA, has negotiated exclusive terms and conditions for ambulatory surgery centers (ASCs) and surgical hospitals to obtain medical malpractice insurance. The agreement is with Chubb Group of Insurance Companies — Chubb Health Care in Simsbury, CT.

Chubb is an A++ 15 rated carrier, says Brad Shannon, vice president of Parker Insurance Associates. A++ is a superior rating based on the company’s overall performance and ability to meet policyholder and other contractual obligations. Fifteen is the highest rating in terms of financial size of the company. "So they are one of the largest insurance carriers in the world," Shannon says. The cost range of the contracts will be approximately $30,000 to $100,000, according to Shannon. The only two states in which Chubb isn’t currently writing medical malpractice coverage are Texas and Florida, which probably is due to the legal climate in those states, he says. (For information on how to obtain the medical malpractice coverage, see source, below.)

In other news, the U.S. House passed the bipartisan Help Efficient, Accessible, Low-cost, Timely Healthcare (HEALTH) Act of 2002 (H.R. 4600), which would reduce medical liability costs. Among other things, the bill passed Sept. 26 puts a $250,000 cap on noneconomic damages, ensures that each party to a lawsuit is liable only for its share of damages, allows periodic payments, and limits contingency fees, according to the Chicago-based American Hospital Association. To find the current status of the bill, go to http://thomas.loc.gov and search for HR4600.

Source

For more information on the medical malpractice insurance terms, contact: Brad Shannon, Vice President, James G. Parker Insurance Associates, 5377 N. Fresno St., Fresno, CA 93710. Telephone: (800) 266-7721. Fax: (559) 228-6464. E-mail: blshannon@jgparker.com. Web site: www.jgparker.com.