Rate decreases for liability insurance premiums planned for 2012
Some veterinarians could save hundreds of dollars on their professional liability insurance premiums next year.
In August, the AVMA PLIT announced that annual premium rates for the PLIT-sponsored Professional Liability Insurance Program primary and excess malpractice limits will decrease 15 percent for classes I (equine) and II (food animal) and 5 percent for classes III (mixed practice) and IV (small animal) for the 2012 policy year, subject to state approval.
The potential cost savings can total up to $417, depending on the veterinarian's professional activity and primary limit, according to PLIT. The primary limit rate decrease will be slightly larger in California, which will result in uniform rates nationwide.
The annual premiums for veterinary license defense and professional extension coverages will remain unchanged.
Additionally, a new higher limit option of $50,000 will be available for veterinary license defense endorsement to cover legal fees incurred defending actions against a veterinary license.