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Colorado Medical Malpractice Insurance

What’s going on in the Colorado Medical Malpractice Insurance Market.

In the State of Colorado, tort reform imposes a limit on all damages as well as noneconomic damages for medical malpractice claims. The Colorado medical malpractice insurance market has seemed favorable for malpractice insurers and therefore more carriers have begun to write business in the state as well as offering more competitive premiums and discounts available.

It is extremely important to have an experienced agent on your side to assist you in navigating among the various insurance companies and policies. Desert Mountain Insurance will research and evaluate the coverage provided by Colorado medical malpractice insurance coverage companies and to ensure you are well informed in the purchase of a policy.

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Records Retention Requirement for Colorado Physicians and Colorado Malpractice Insurance

The Colorado Medical Board has recommended that medical practices retain their medical records for a period of 7 years after the last date a patient was treated in their practice or 7 years after the patient’s 18th birthday. There is no state or local law imposing this rule, however each practice and provider must review their contracts to determine if a longer time frame is required of them.

Pursuant to Section 12-36-140, C.R.S, each physician is required to develop a written plan regarding the storage, disposal, handling in event of death, retirement or close of practice as well as the method for patients to access records.

Such administrative responsibilities outside a physicians direct patient care, may not be automatically covered on a Colorado medical malpractice insurance policy. However, it is more common that Colorado medical professional liability insurance policies are providing coverage for cyber liability and data breach of medical records. It is important to discuss these coverages and potential exposures with a qualified Colorado medical malpractice insurance agent. They will be able to determine if administrative coverage is automatically included or available upon request.

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Colorado Professional Liability Insurance and Statute of Limitations

Colorado has a 2 year statute of limitations to which an action must commence. Details regarding the limitations can be found in the Colorado Revised Statutes section 13-80-102.

We partner with many major nationwide medical professional liability insurance carriers as well as local Colorado medical professional liability insurance companies. We not only shop around to find several Colorado medical malpractice insurance rates, but evaluate Colorado professional liability insurance coverage and provide objective guidance to our Colorado clients so they may select the professional liability carrier, professional liability policy and malpractice protection that best meets their specific needs. Call us today at (480) 348-2200 for more information!