August 4, 2012
Contact:
Laura Brockway, communications and advertising manager
(512) 425-5936 or laura-brockway@tmlt.org
The news
Austin, TX — On August 2, 2012, the Board of Governors of Texas Medical Liability Trust (TMLT) approved an average 4% rate reduction for policyholders who renew in 2013. This is TMLT's tenth rate cut since 2004.
This comes off the July 20th announcement of a 15% policyholder dividend. The dividend and rate reduction will result in out-of-pocket savings of more than $25 million for TMLT physicians in 2013. The combined effect of rate cuts and dividends will result in an approximate 52% decrease from 2003 rates, unprecedented in the history of TMLT and the Texas malpractice insurance marketplace.
TMLT benefits also include:
- $100 million dedicated to the Trust Rewards program, a nest egg that rewards policyholders for their loyalty and commitment to practicing quality medicine;
- free CME for policyholders to apply to their everyday practice and enhance patient safety;
- free, in person practice reviews designed to assist physicians in determining risk exposures; and
- simplified application process.
Texas physicians interested in applying for TMLT coverage can email or call the sales department at 800-580-8658, extension 8603. Current policyholders will receive detailed information about their rates before their policy renews.
TMLT president and chief executive officer quote
"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% dedicated to the Texas marketplace," says TMLT President and Chief Executive Officer Charles R. Ott, Jr.
Background
The largest medical liability insurance provider in Texas, TMLT serves more than 15,500 Texas Medical Association (TMA) member physicians. Rated A (Excellent) by A.M. Best Company, the Trust was created and is endorsed by TMA. TMLT is headquartered in Austin, Texas.
