The limit of liability insurance coverage in a medical professional liability insurance policy is expressed in the following format: $1M/$3M. The first amount is the occurrence limit of liability while the second amount is the aggregate limit of liability. In this example, the insurance company would pay up to $1M to settle any one claim of negligence, and in the aggregate they would settle up to three of these $1M claims. This aggregate limit of liability is the most the insurance company would pay in any one policy period. The limits of $1M/$3M are the most common limits for medical professional liability insurance because this is what most hospitals require for privileges. Many doctors feel more comfortable with higher limits, and most insurance companies will allow the physician to increase limits to at least $2M/$4M for an additional premium, with some companies willing to increase even higher.
To learn more, rely on our medical professional liability insurance specialist David Stowe, who will help you better understand your options. With 17 years of insurance experience, hundreds of physicians and surgeons trust David with their coverage needs.