March 29, 2016
My prospective employer says I have to pay part of my malpractice insurance if I do not waive consent to settlement. Is this a big deal?
A small percentage of employers do take that position. Personally, I would take that to be a deal breaker. Basically what you are doing by signing off on a "no consent" malpractice policy, is taking your ability to have control over your name, your reputation and your record out of your hands. Here, you have the ability to maintain consent with this employer, but face potential extra cost. My recommendation - fight for no extra cost, but consider accepting the extra cost in exchange for loss of consent. If you are facing loss of consent and no other option, consider paying for the increase amount as opposed to passing on an opportunity you may desire.
The below is direct from MLMIC site - https://www.mlmic.com/blog/physicians/mlmic-policyholders-receive-20-percent-dividend/
MLMIC Policyholders to Receive 20 Percent Dividend
MLMIC’s Board of Directors has approved a 20 percent dividend for all MLMIC policyholders who are insured as of May 1, 2016, and maintain continuous coverage through July 1, 2016.
MLMIC’s mission is to provide insurance at cost. To offset premiums, we offer dividends to our policyholders whenever we can. Our competitors often promise low initial premiums to attract business, but MLMIC continually operates without a profit motive. Instead, we work to provide much needed relief to our policyholders, while maintaining financial stability.
MLMIC remains a mutual insurer, owned by our policyholders, and we are committed to policyholder-first service. Over the years, MLMIC’s financial strength has allowed us to pay more than $300 million in dividends to our policyholders, an accomplishment unmatched by other insurers.
You can find more about understanding dividends here, and of course you can contact us anytime with questions.
Posted in Dentists, Hospitals, Physicians
Tagged dividend, mlmic, mutual insurance company, policyholders
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