E54 - This is what you must know about Medical Malpractice in the USA! - Experiential Series Part 5

<p align="center"><span style= "text-decoration: underline;"><strong>Medical Malpractice Insurance & Litigious America!</strong></span></p> <p>Medical malpractice insurance is a specialized type of professional liability insurance covering physician liability arising from disputed services that result in a patient's injury or death. Medical liability insurance is required by almost all states and most medical systems as a requirement to practice.</p> <p>Malpractice insurance is generally available through traditional insurance carriers or from a medical risk retention group, a mutual organization of medical professionals organized to provide liability insurance (sometimes sponsored by state medical societies).</p> <p>Additionally, some large medical systems may be "self-insured;" instead of purchasing commercial insurance, a medical liability trust fund created, used to pay for the defense of malpractice claims and any resulting judgments against their physicians. Although it is possible for smaller medical groups and practices to self-insure, there are significant legal and business obstacles that make this a difficult option for most.</p> <p>Individual and group malpractice coverage plans are available for those in independent or small practices. Medical liability coverage is offered for employed physicians as part of a group plan purchased by the employing hospital or health system.</p> <p>The optimal type and amount of insurance you need to meet your state's malpractice insurance minimum requirements and for adequate personal and practice asset protection may vary significantly based on your circumstances. Therefore, it is essential to confer with a professional medical insurance consultant or institutional risk manager to determine the appropriate type and amount of coverage for your particular practice situation.</p> <p>It is essential to understand the two basic types of malpractice insurance: "claims-made" and "occurrence." A claims-made policy will only provide coverage if the policy is in effect both wh