Page 22 - April 2017 Newspaper

Insurance... Insurance...
#$ & *# $& #

Physician, Cover Thyself
Did You Know... Why Every Doctor Needs

a Personal Umbrella Policy
Many insurance companies will give
you a free tail upon retirement if you
With career success premium.
have been insured with them for at
comes more wealth and
least five years. Be careful of the some unique chal- Recent Judgments
restrictions on this however. You lenges— like lawsuits. Precedent is an important
Physicians, as a profes- part of law and thus should
must fully and permanently retire sion, know we live in a be part of the process in
from practice, not just start working litigious society, but determining the appropriate
might miss what bearing limit.(1) Here are a few
part time or take some time off. If their professional suc- recent settlement examples
you do receive a free tail and then go cess could have on asset to consider:
protection in their per- • $26.2 million –
back into practice without
sonal lives. Simply put, California – A woman was
notifying the insurer, professional success can struck in the crosswalk by
the tail coverage increase personal expo- BY JOE YOUNG an oncoming vehicle,
sure. resulting in a brain injury
will be voided. A personal umbrella and above-the knee-ampu-
policy with adequate limits is a great way tation.
to achieve peace of mind, but what fac- • $50 million – South Carolina – A
tors should you be evaluating when set- motorcyclist died after being struck by a
ting coverage limits to ensure they’re vehicle that ran a red light. The driver
“adequate”? was sued for wrongful death, resulting in
%! & & & +"' compensatory and punitive damages.
&& $ + & Personal Factors • $7.7 million – Florida – A man was
!%'$ ! *# $& When weighing your insurance attacked by his neighbor’s three dogs
umbrella’s size against the cost of incre- while taking out the trash. The man sus-
mental increases to your coverage, start tained multiple lacerations.
by tallying against the following basic
parameters: Other Considerations
Delray: 7) 7M\XL %ZIRYI (IPVE] &IEGL *0 ˆ 800.966.2120 ˆ *E\
$ + , %"!( , , $ ! " , !% "
Orlando: 0EOI 'SQS 'MVGPI 3VPERHS *0 ˆ 888.496.0059 ˆ *E\ Future income stream – Future earn- Excess uninsured/underinsured moto -
MRJS$HERREKVEGI] GSQ ˆ [[[ HERREKVEGI] GSQ
, && !! $ + " , ))) !! $ + " ings can be taken into consideration dur- rist coverage is a smart part of an umbrel-
ing a lawsuit settlement. If you’re expect- la policy. Not all insurance companies
ing to earn a lot over the coming years of offer it, but those specializing in affluent
your career, that potential income will be and high net worth individuals and fam-
seen as fair game in a settlement. You’ll ilies do.
want it protected. Be sure to choose a policy with defense
Physical assets – Take a hard look at coverage beyond the liability limit. Even
your assets. What’s publicly visible? Are as jury verdicts tied to personal liability
your homes in affluent areas? Are your lawsuits increase across the United
cars luxury models and/or high-perfor- States, only a handful of insurance com-
mance vehicles? Notable wealth can panies sell standard umbrella policies
prompt bigger claims. Put realistic num- with limits above $5 million. For wealthy
bers against those assets - a plaintiff’s consumers facing bigger risks, a cus-
Specializing in Medically attorney will do the same. tomized policy is the only practical pro-
Lifestyle – This includes your occupa- tection available.
Complex Patients tion(s), activities and family status. Do In sum, as wealth accumulates, insur-
you work for a public company where ance becomes as much about risk man-
Kindred Hospitals are owned by Kindred your stock holdings or compensation can agement as financial coverage. An
Healthcare, Inc., a national network of Long Term be found online? Do you sit on a non- approach using limits to protect against
Acute Care Hospitals (LTACH's). profit board? Do you have driving-aged extreme, atypical cases becomes more
children? Are you in the public eye? practical. At a time when jury verdicts
Kindred Hospitals provide specialized, high quality Using social media? Any of these can are exceeding $20 million and increasing
care for acutely ill patients. For more than a decade, increase the risk of slander or defamation in frequency, it makes sense to evaluate
we have fine-tuned the art of medically complex care. actions. Do you entertain at your resi- your personal risk profile and, using the
dence regularly or host charitable and factors outlined above, establish limits
Our services range from complex catastrophic
illnesses that require intensive care, post-surgical medical political fundraisers? Is alcohol served? that match your exposures.
rehabilitation to patients suffering from chronic diseases requiring respiratory and These increase your liability if someone
rehabilitative therapies. Kindred Hospitals provide outcome-oriented drinks and drives. Joe Young is Private Client Manager,
cost effective care for patients with a wide spectrum of Tolerance for risk – This one is fairly Atlass Insurance Group – A Risk Strategies
medical conditions. straightforward on its face. Simply put, Company. He can be reached at
how much cost are you willing or able to (954) 653-2834 or
pay out of pocket in the event of a law- jyoung@atlassinsurance.com.
Admissions to Kindred Hospitals may be
recommended by physicians, acute-care hospitals, suit? The answer can directly affect the (1)
rehabilitation hospitals, managed care providers, case ongoing cost of your umbrella policy’s Source: Chubb Insurance, February 2016
management companies or by the patient’s family.
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22 April 2017 southfloridahospitalnews.com South Florida Hospital News