As our healthcare systems are tested to the limit during COVID-19, we remain focused on serving those who provide the care that is so desperately needed—the heroes who risk their own safety to care for all of us. As an organization founded and led by physicians, we are committed to supporting you during this unprecedented time.
The Doctors Company has already taken several steps to help New York practices impacted by the crisis. For example, we are adjusting premium amounts for physicians suspending their practices and extending premium due dates. We are also offering free coverage to retired members who are returning to practice to volunteer to treat patients during the emergency. And our advocacy team was the force behind Governor Cuomo’s executive order providing immunities for healthcare providers working within the COVID-19 crisis.
The New York Department of Financial Services (DFS) has directed us to supplement our efforts to mitigate the impact of COVID-19 and to notify you about those efforts using this format and language:
A recent executive order issued by Governor Cuomo, together with recent amendments to the insurance and banking regulations (the “regulations”) issued by the DFS, extend grace periods and give you other rights under certain property/casualty insurance policies if you are an individual or small business and can demonstrate financial hardship as a result of the COVID‑19 pandemic (“affected policyholder”). These grace periods and rights are currently in effect but are temporary, though they may be extended further. Please check the DFS’s website at https://www.dfs.ny.gov/consumers/coronavirus for updates.
These amendments include medical malpractice insurance. A business qualifies as a “small business” if it is resident in New York State, is independently owned and operated, and employs 100 or fewer individuals. If you are a small business and an affected policyholder, please contact us if you are uncertain whether your policy is covered.
Moratorium on Cancellation, Non-Renewal, and Conditional Renewal
If you are an affected policyholder, there is a moratorium on us cancelling, non-renewing, or conditionally renewing your property/casualty insurance policy for a period of 60 days. If you do not make a timely premium payment and can demonstrate financial hardship as a result of the COVID-19 pandemic, we may not impose any late fees relating to the premium payment or report you to a credit reporting agency or a debt collection agency regarding such premium payment.
Catching Up on Overdue Insurance Payments
The regulations also require us to permit you, as an affected policyholder, to pay the overdue premium over a 12-month period if you did not make a timely premium payment due to financial hardship as a result of the COVID-19 pandemic and can still demonstrate financial hardship as a result of the COVID-19 pandemic. This also applies if we sent you a nonpayment cancellation notice prior to March 29, 2020.
Policies Financed by Premium Finance Agencies – Grace Period
If your insurance policy has been financed through a premium finance agency, and you, as an affected policyholder, do not make an installment payment, the premium finance agency may not cancel your policy for a period of at least 60 days, including any contractual grace period, and subject to the safety and soundness of the premium finance agency. In addition, if you do not make a timely installment payment to the premium finance agency, the premium finance agency must extend the due date for the installment payment by at least 60 days, may not impose any late fees relating to that installment payment, and may not report you to a credit reporting agency or a debt collection agency regarding that installment payment.
Catching Up on Overdue Payments to Premium Finance Agencies
If you, as an affected policyholder, do not make a timely installment payment to the premium finance agency due to financial hardship as a result of the COVID-19 pandemic, the premium finance agency must permit you to pay the installment payment over a 12-month period if you can still demonstrate financial hardship as a result of the COVID-19 pandemic, subject to the safety and soundness of the premium finance agency. This also applies if the premium finance agency issued a nonpayment cancellation notice prior to March 29, 2020.
How to Demonstrate Financial Hardship
If you, as an affected policyholder, are unable to make a timely premium payment due to financial hardship as a result of the COVID-19 pandemic, you may submit to us or your premium finance agency, as applicable, a statement that you swear or affirm in writing under penalty of perjury that you are experiencing financial hardship as a result of the COVID-19 pandemic, which we or your premium finance agency, as applicable, must accept as satisfactory proof. Such statement need not be notarized.
If you have any questions regarding your rights under the executive order or regulations, please contact us or your premium finance agency.
You can reach us at (800) 421-2368. Your practice and commitment to delivering care are our priority. The entire nation is grateful for the medical care you’re providing.
With more doctors than any other state, New York is the largest medical malpractice insurance market in the country and unique in its regulatory framework, legal environment, and tort reform. New York, unlike most states, does not place a cap, or limit, on the monetary amount of economic damage payouts in medical malpractice cases. Also, the statute of limitations in New York allows for a patient to file a medical malpractice claim up to two-and-a-half years after any alleged issues occur in most cases.
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To make changes to your policy or update your information, call Member Services at (800) 421-2368.
New York was one of the worst states for lawsuits against doctors in 2018. According to the National Practitioner Data Bank, nearly 14 percent of all medical malpractice payment reports in the country come out of New York. And New York is tied with New Jersey and New Hampshire for the highest malpractice award per capita.
This makes it very important for New York doctors to select a strong, medical malpractice insurance carrier with a proven national history of protecting physicians.
The Doctors Company leads the industry on behalf of physicians and is the best choice for affiliated doctors of New York’s leading hospitals. With The Doctors Company, doctors are members, not policyholders—and unlike commercial insurers that reward shareholders, we reward our members. Founded and led by physicians since 1976, The Doctors Company brings its long history in the medical malpractice market to New York doctors—and can offer access to the state’s excess coverage as well.
We are committed to providing you with the best imaginable service, plus unrivaled resources to reduce risk and avoid claims—including 24/7 support.
“As a native New Yorker, I am proud that New York physicians have expanded access to the nation’s largest physician-owned medical malpractice insurer—driven by our mission to advance, protect, and reward the practice of good medicine.”
—Richard E. Anderson, MD, FACP, chairman and CEO of The Doctors Company
The Doctors Company is one of the only medical malpractice insurers in New York that is:
National in scope.
Rated A by A.M. Best Company and Fitch Ratings.*
With more than $4.5 billion in assets and over $2 billion in member surplus, The Doctors Company has the financial strength to protect our 82,000 members today and for many years to come.
The Doctors Company offers a wide variety of benefits to New York members:
Claims-free credit of up to 12 percent for eligible members.
5 percent credit for members who successfully complete the Section 18 excess risk management program.
Extensive patient safety tools and resources, including free on-demand and live CME.
Unsurpassed coverage options, including claims-made and occurrence policies and coverage for both physicians and ancillary healthcare providers.
Professional and management liability policies for a variety of organizations and healthcare professionals—including medical and long-term care facilities, managed care organizations, and life sciences—through our specialty lines subsidiary, TDC Specialty Underwriters.
Additionally, New York medical groups can also be issued coverage through The Doctors Company Risk Retention Group (RRG).
Eligible New York members of The Doctors Company also participate in the Tribute® Plan, which rewards doctors for their loyalty and their commitment to superior patient care, and the company’s dividend program—which has paid out over $425 million to date.
One of the most prominent New York members is Melville-based North American Partners in Anesthesia (NAPA), one of the leading single-specialty anesthesia and perioperative management companies in the United States.
“We are proud to partner with The Doctors Company as we advocate for our New York clinicians and their patients,” said Dale Anderson, MD, managing partner for the New York practice of NAPA. “Our NAPA colleagues in other parts of the nation have already benefited from The Doctors Company’s dedicated support and education—those of us in New York are thrilled to follow this path with them. The Doctors Company’s tireless commitment to the practice of quality, patient-centric medicine is the right focus for all of us as healthcare continues to evolve toward safer care and healthier communities.”
Exclusive Endorsements by Prestigious New York Medical Societies
As The Doctors Company’s presence in New York expanded in 2017 and 2018, two of New York’s most distinguished medical societies selected the company as the exclusively endorsed medical malpractice insurer for their members.
This is strong evidence of The Doctors Company’s ability to fulfill our mission and promote superior patient care. Both societies align with our mission and match our dedication and integrity in serving the medical profession.
Acquisition of Hospitals Insurance Company and FOJP Service Corporation
HIC provides insurance coverages and services to many of the best-known healthcare organizations in the New York metropolitan area, including Mount Sinai Health System, Montefiore Health System, and Maimonides Medical Center. Founded by these systems more than 35 years ago, HIC/FOJP writes over $180 million in premium and manages $135 million in self-insured premiums, with assets of $1.6 billion and policyholder surplus of over $580 million.
The transaction became effective on July 31, 2019, and was also the inception of Healthcare Risk Advisors (HRA), a new business unit within the TDC Group, which will succeed FOJP and focus on third-party comprehensive insurance and risk management advisory services, including management of the self-insured programs of large healthcare organizations in New York and beyond.
HIC will continue to exist as an admitted New York–domiciled insurer providing coverage for hospitals, physicians affiliated with HIC’s insured hospitals, and long-term care facilities and social services agencies. HIC and FOJP employees will become part of HRA and continue to provide the same outstanding services to HIC, the member hospitals, long-term care facilities, and social services agencies as prior to the transaction.
*As of December 31, 2018, The Doctors Company’s total admitted assets were $4.5 billion, admitted liabilities $2.5 billion, total reserves $1.7 billion, and policyholder surplus $2 billion.