Quote from Angrycat:
... it may be the premium for his entire practice, which includes a large number of doctors in the practice.
I would say likely premium for whole practice as well. OR, his friend has had so many malpractice awards ordered against him that his premium is that high now, lol.
On the matter of malpractice insurance: many people claim that runaway punitive jury awards to malpractice victims are what is driving insurance up so high. I understand the math behind this argument.
In TX, malpractice damage awards have been capped at $250k for years now. No matter what: negligence, gross negligence, surgeon sewed you back up and forgot his x-ray machine or rusty scalpel collection inside your body, all you can get is $250k.
The argument over and over was that this was necessary to make insurance cheaper. However, insurance has not gotten cheaper in TX now that the cap is in place. For some specialties it may have come off a little bit, but not anywhere near what you'd think it would, given the new actuarial impossibility of a $5 billion jury award.
what's up with that???