About

MedMal Direct Insurance Company is a Florida domestic stock insurance company that is fully licensed and approved by the state of Florida’s Office of Insurance Regulation.  We are not a risk retention group, captive, trust fund, reciprocal, mutual, etc.; rather, we are the “real thing” – an actual STOCK insurance company.

MedMal Direct is licensed and regulated by the Florida Office of Insurance Regulation (FOIR) as a medical malpractice property and casualty insurance company. Should you wish to verify our licensure (our Certificate of Authority), please go to the FOIR website company search page.

As required by the FOIR, MedMal Direct files quarterly and annual financial statements and other information to the National Association of Insurance Commissioners (NAIC). To view our filed financial statements and other information, please go to the NAIC website company search page.

At MedMal Direct, we think “It’s Better to Be Direct!” We save you money by selling directly to you – no middleman! If fact, if you prefer to pay an agent or broker, you will have to go somewhere else. You cannot buy insurance from us through a broker.

We are causing a paradigm shift in the world of medical malpractice insurance by reducing our costs, and passing that savings to you. We are delighted to be able to help physicians reduce their overhead in these difficult economic times. Our highly knowledgeable staff will also take great pleasure in immediately answering any question you may have about any aspect of our company or your coverage.

Over the last 100 years, medical malpractice insurance companies have utilized independent agencies and brokerages to bring the insurance buyer to them by paying them up to 12% of the written premium as their commission. In most cases, this unnecessarily increases the cost of the insurance product. In addition to the 10-12% agent/broker commission, this out-dated system further increases the cost to the physician by requiring another 5-10% of the total premium to be used to (a) hire people inside the insurance company to manage these independent agents and brokers and (b) provide financial rewards to these independent agents and brokers – ranging from cash bonuses to trips in exotic locations – so they will bring the physician client to THEIR insurance company rather than the competing insurance company. The system works best for the independent agents and brokers. The system does not work best for the physicians buying the insurance.

So, in short, because the brokerage commission is based on the amount of premium written (ie: the price you pay for your insurance) the agent’s compensation is directly related to your invoice. The more you spend, the more they get paid. We think there is a better way.

Our underwriters are experienced analysts. They ask questions, seek data from multiple sources, and provide a thorough analysis of the physician’s risk exposure to the Underwriting Committee. This committee is made up of experts who possess extensive knowledge and experience in the fields of medical malpractice insurance, underwriting and claims. Additionally, we have a Board of Medical Advisors that is second to none! These distinguished physicians lend their time and expertise across their various specialties and are available to advise our team on any number of clinical issues. You can meet our Board of Medical advisors by clicking here. Our job as underwriters is to offer actuarially sound quotes only to physicians who will be good risks for the company, keeping our claims costs to a minimum and saving you more money.

We are proud of our financial strength and it is no accident. Our rating reflects objective, third party confidence in our financial structure, our business model and our management team. In the words of the third-party actuarial professionals: “this Financial Stability Rating is assigned to insurers who possess exceptional financial stability related to maintaining positive surplus as regards to policyholders, liquidity of invested assets, and acceptable level of financial leverage, reasonable loss and adjustment expense reserves, and realistic pricing.”

Our reinsurance treaty gives us the ability to write medical professional liability insurance limits of up to $1,000,000 per incident with a $3,000,000 annual aggregate. But more importantly, it gives us the reinforced financial strength and stability that you demand, allowing us the ability to weather the worst storms and be here for the long haul.

Remember that section up above, where it said we save you time and money? Well, here it is AGAIN, just in case you missed it the first time! The rest of the medical malpractice insurance companies pay 10-12% of the total premium in commission to the brokerages who bring physician clients to the insurance companies. The companies then reward these higher volume brokers with cash bonuses and trips to exotic locations that YOU ultimately wind up paying for! THEN, the insurance company pays even more money to hire internal people to manage this group of independent agents and brokers. At MedMal Direct we have NONE of these superfluous distribution costs, and we pass that savings DIRECTLY to you! No wonder our price is so much lower for the exact same product.

We are the only 100% direct-write medical malpractice insurance company in Florida. It is that simple. All of the other companies utilize an expensive, burdensome and antiquated distribution model to bring the business to the insurance company.

Okay, let’s be fair. There are some physicians who actually need a broker. If a physician has multiple claims involving large settlements or verdicts, then that physician will have a tough time finding someone to insure them. In this case, the physician would have to go to the “excess and surplus lines” market or the Joint Underwriting Association for insurance coverage. They will most likely need a professional broker to handle that transaction as there are lots of “E&S” insurance companies from which to choose across the entire English speaking world, all of which have very high premiums.

Our Underwriters have access to many different databases which allow access to most information that concerns a physician’s education and claims history. All we really need to know, beyond that which is already available to us is: your current location(s) of practice, your current specialty of practice, your current/pending claims information, and the answers to a few questions about the status of your license, the status of your hospital privileges and the basic “are you a felon?” questions.

Thus, our application has two pages of data, one page for claims information and one signature page. That’s it!

MedMal Direct is fortunate to have on its management team some of the finest minds in the entire medical malpractice insurance industry. Our Chairman has 44 years of experience in the insurance world, and our President has 37 years of experience in the fields of medical malpractice insurance and healthcare risk management. Add in our CEO and COO and you arrive at well over 100 years of successful management experience in the world of insurance and finance. Our team is honored to have built a company that helps physicians reduce their overhead and defend their practice, their reputation and their future.

Our management team is also proud to be causing a paradigm shift in the medical malpractice insurance marketplace. Every day in the news we hear our political and business leaders discuss different ways to reduce the cost of healthcare. Our company is setting the new standard; we are lowering costs and we are a part of the solution.

The members of the Board of Medical Advisors are a cornerstone of MedMal Direct Insurance Company. They represent many clinical specialties throughout the state of Florida and are tasked with applying knowledge, insight and advice on the current management and future direction of all aspects of the company, including underwriting, litigation management, risk management and analysis of national trends. Click here to meet them.

Our claims team has some of the most experienced medical malpractice claims professionals in the business. They have extensive experience in managing, mediating and taking claims to trial. The Florida climate for handling medical malpractice claims is one of the toughest in the United States, and our team excels in this environment. We are well known around the state and will vigorously defend frivolous lawsuits.

We will act quickly to gather all of the data surrounding the newly reported potential claim and will analyze it with our team of experts, which includes you. Yes, you are the scientist on this team and your input is highly valued. We will work closely with you to ensure that the best possible outcome is achieved. This helps everyone involved. If this is a defensible case, then we will implement an aggressive defense with the best defense attorneys.

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