The Texas Medical Liability Trust (TMLT) is reducing liability premiums an average of 4 percent for policyholders who renew in 2013. It is TMLT's 10th rate cut since 2004, following passage of the liability reforms TMA pushed through the legislature in 2003.
This comes off the July 20th announcement of a 15-percent policyholder dividend. The dividend and rate reduction will result in out-of-pocket savings of more than $25 million for TMLT physicians in 2013, TMLT said. The combined effect of rate cuts and dividends will result in an approximate 52-percent decrease from 2003 rates. TMLT says this is unprecedented in the history of TMLT and the Texas liability insurance marketplace.
"The rate cut and dividend will save our policyholders more than $25 million in 2013, which greatly exceeds anything done by our competitors in Texas. A number of carriers have entered the state in recent years, but only TMLT is 100 percent dedicated to the Texas marketplace," said TMLT President and Chief Executive Officer Charles R. Ott Jr.
Texas physicians interested in applying for TMLT coverage can email or call the sales department at (800) 580-8658, ext. 8603. Current policyholders will receive detailed information about their rates before their policy renews.
TMLT is the largest medical liability insurance provider in Texas. It serves more than 15,500 TMA members. TMA created and endorses TMLT.
Action, Aug. 15, 2012