Malpractice Insurance

[Shannon]

I recently got my P&C license (my original purpose was to be hired by a company... I never intended to knock on doors or whatnot) and now have a salaried job at a small brokerage. Recently I've been thinking about how to use my license to make extra cash though.

I know nothing about malpractice insurance, but my father-in-law is a doctor and asked if I could sell him his malpractice insurance. He told me he could introduce me to all of his doctor and lawyer friends, and perhaps we could all save money. Does this sound like a viable plan to anyone? I did a little online research, and couldn't find much info.

 

[saieddie]

Try allrisks.com Looks like they have medical malpractice.

 

[johnhoefer]

The guys who sell malpractice are old and grey like the doctors. Doctors get sued all the time, my girlfriend is a med. mal. defense atty. If you mess up their insurance you will have a huge E&O cliam. Med Mal is all about trust and understanding their exposures. (like all lines I guess)

 

[MedMalAgent]

What state are you in?

I specialize in medical malpractice for physicians. I have a lot of contacts and can point you in the right direction. Send me a PM with more details.
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The guys who sell malpractice are old and grey like the doctors. Doctors get sued all the time, my girlfriend is a med. mal. defense atty. If you mess up their insurance you will have a huge E&O cliam. Med Mal is all about trust and understanding their exposures. (like all lines I guess)

I am not old and gray.

You are correct though. The E&O exposure is huge and it get can get very complicated. You also need access to the right carriers and you can't get to the good ones through a broker.

 

[Shannon]

I have a CA license, but my father-in-law lives in NY... I've heard I can pay a fee and obtain a license in any state I want though.

But thank you very much, I will send you a PM later. I'm very curious abou this. Is this something you have to learn through doing, or can you read books about it?

 

[MedMalAgent]

I have a CA license, but my father-in-law lives in NY... I've heard I can pay a fee and obtain a license in any state I want though.

But thank you very much, I will send you a PM later. I'm very curious abou this. Is this something you have to learn through doing, or can you read books about it?

I wouldn't even try it if you are in a different states. If you had the markets and knowledge it wouldn't be that big of a deal. I don't think you would be able to help him out. You may want to look up an agency in NY for help.

 

[pcguy]

We are an agency in NY that specializes in Med Mal. I would be happy to talk to you about what we offer. Send me an email or PM and we can talk. It is a difficult market to break into but we've been doing it for a while and can help you.

 

[Shannon]

Thanks for the responses! I tried to send a PM, but I can't do that until I have more posts.

But regarding MedMal's post, I consider myself somewhat bi-coastal, so the state issue isn't such a big deal for me (provided that I actually can pay a fee and get my license there as well... I'd hate to have to take another test). My father-in-law has been pushing us to move back there for years, but if it was a good enough opportunity I would consider it.

I'm just wondering if mal-practice insurance is similar to other types of insurance where you have a salesman running around selling it directly to doctors, or if there are higher barriers to entry than that. For example, my company sells Garage Liability Insurance, and we usually call the dealerships near their renewal dates and ask if they are interested in a quote.

Also, is it expected or helpful that you have a background in medicine? If not, how would one prepare themself for a career in this speciality? Is it something you learn through working in the environment, or are there continuing education classes?

 

[STIBROKER]

Ok heres one for ya.....get a list of doctors you want to target and have about a page size xray of a broken bone with the saying is your malpractice insurance broken with a short spill and contact info all imprinted in the xray.....mail it in a brown envelope with the words "xray do not bent" and sent it directly addressed to the doctor.....it works......

 

[Air Jer]

Better to be bi-coastal than bi-polar. I have been in this business longer than I care to admit and I won't touch med mal or any professional liability. Maybe someday when I have spent a LOT of time studying the beast. I fear for you as a newby jumping into this arena because you mess it up slightly then the doctor and his attorney are both come looking for you and it won't be cheap. Also, do you really feel that an experienced doctor or lawyer is going to feel comfortable putting the biggest exposure they have to loss in the hands of someone who just got their insurance license? Then, I have to be honest with you, just because there are outlets out there for professional liability do you really think they are going to let someone who just got their insurance license sell for them??? I think your plan is fraught with problems. Even if you find away to overcome these obstacles, you better study this market and the coverage available very and extremely diligently.