Understanding MLMIC’s Waiver of Consent Discount: A Potential Savings Opportunity for Physicians

As a physician insured by MLMIC and practicing in New York State, you understand the importance of medical professional liability coverage. You also value having a role in resolving any potential medical malpractice claim. MLMIC has traditionally empowered its policyholders with the right to consent to settle claims, a significant aspect of our commitment to physician autonomy.

However, MLMIC also recognizes that some policyholders may be willing to consider alternative approaches in exchange for potential cost savings. This is where the Waiver of Consent to Settle discount comes into play.

What is the Waiver of Consent to Settle?

The Waiver of Consent to Settle is an optional discount offered by MLMIC that allows policyholders to waive their right to consent to a settlement recommended by the company. In exchange for relinquishing this final say in settlement decisions, physicians who choose this option receive a 5% discount on their annual policy premiums.

This can represent a tangible saving for policyholders who are comfortable with MLMIC having the ultimate authority to settle a claim within the policy limits.  

Does the Discount Affect the Handling of My Claim?

For five decades, MLMIC has successfully defended medical professional liability claims, leveraging our deep New York experience. Be assured, the Waiver of Consent discount does not change our commitment to a high standard of claims handling. Physicians named in a claim who take advantage of the Waiver of Consent discount will undergo the identical discovery process, including expert review, as those without the discount. Our claims department will conduct a thorough analysis throughout the discovery process, and if the standard of care was not met, a dedicated claim specialist will discuss the case with the physician before any settlement consideration.

How to Elect the Waiver of Consent Discount:

MLMIC insureds interested in taking advantage of the Waiver of Consent Discount can reach out to their underwriter or contact us at 1-800-275-6564.

Conclusion:

MLMIC’s Waiver of Consent to Settle discount offers a potential opportunity for physicians to reduce their annual premium in exchange for granting MLMIC authority to settle claims. This decision requires careful consideration of the trade-offs involved, balancing the desire for cost savings with the importance of participating in the decision to settle a claim. As with all aspects of your medical professional liability policy, it’s essential to fully understand the terms and conditions and make an informed decision that aligns with your individual circumstances and preferences.