MEDICAL PROTECTIVE EXPANDS OPTIONS

Medical professional liability insurer Medical Protective has introduced a new product to protect Oklahoma doctors from liability when their carrier is unable to meet its obligations. Medical Protective will now offer Contingency Prior Acts coverage to Oklahoma doctors. Contingency Prior Acts would protect doctors in the event that their previous insurer could no longer honor its commitments. The coverage will contain the same consent-to-settle provisions currently offered in Oklahoma.

With Contingency Prior Acts coverage, more Oklahoma doctors will have access to Medical Protective’s financial security, claims defense and risk management programs, the company said. Medical Protective noted that claims experts manage over 15,000 claims yearly, more than 80 percent of which are closed without a loss payment, and its doctors win at trial nearly 90 percent of the time.

Medical Protective’s shareholder, GE Insurance Solutions, has said it intends to sell 100 percent ownership of Medical Protective to a unit of Berkshire Hathaway. Medical Protective’s management team will remain in place. The transaction, which is subject to regulatory approvals, is expected to close by June 30, 2005.

Topics Oklahoma