As part of our commitment to put the interests of policyholders first, MLMIC is proud to offer a number of Preferred Savings Programs (PSPs) to qualifying New York physicians. Physicians who meet certain requirements can take advantage of additional valuable premium reductions, either separately or in combination with the PSP, for potential total savings of up to 30% for experienced, full-time physicians. To see how these discounts can add up for you, we encourage policyholders to request a quote now.
New Addition to the MLMIC Preferred Savings Programs
MLMIC’s medical professional liability insurance policies are built on decades of New York-specific experience, and our unique and cutting-edge PSPs recognize the quality care and patient safety initiatives advanced by so many of New York’s medical professional organizations. The most recent addition to the MLMIC Preferred Savings Programs was announced earlier this year:
CDPHP’s Preferred Savings Program – MLMIC collaborates with CDPHP to offer a savings on medical professional liability premium. This is an opportunity for eligible CDPHP physicians to apply for membership in the Risk Purchasing Group: “CDPHP Purchasing Group.” If approved, a 10% discount will be applied to premiums for both new and existing policyholders through this PSP. Qualifying physicians may apply now using MLMIC’s rapid application portal for CDPHP or contact MLMIC at (888) 391-6626.
Eligibility for the discount is based on current status as a participating CDPHP provider and an evaluation of loss experience conducted by MLMIC.
What other discounts are available from MLMIC?
Several discount programs are available to qualifying New York physicians. In combination with PSPs, physicians who meet certain requirements can realize potential total savings of up to 30%. Available discounts include:
- Up to 12% savings for qualified physicians and surgeons with no open or closed claims;
- 5% savings when you complete a NYS-qualified Risk Management program;
- 5% savings for individual physician policyholders who waive consent to settle a claim;
- 2% premium credit for prompt payment of the full annual premium within 30 days of receipt of the invoice; and
- 1.4% reduction of the indemnity deductible.
Plus, new doctors or part-time doctors may qualify for special savings up to 50%.
To learn more and see to how to maximize your savings – request a quote today.
Not all discounts are combinable. Risk Purchasing Groups (RPG) are subject to annual review and upward or downward adjustment (including removal altogether) pending approval by the NYS Department of Financial Services, and is based on the overall loss experience of the RPG’s members.
For RPG programs, membership required. Subject to application and approval. Check our website for the latest information and newest savings opportunities.