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Warren Buffet and Medical Malpractice Insurance: Kingston Medical Malpractice Lawyer Explains

Cases, Laws

Why Medical Malpractice Insurance is Different According to Warren Buffet: Kingston Medical Malpractice Lawyer Explains

Warren Buffet and Berkshire Hathaway subsidiary National Indemnity Co. closed a $2.5 billion purchase of MLMIC. This is a medical malpractice insurance company that is quite common in New York medical malpractice cases, as well as around the country. Mr. Buffet claims that he can help New York doctors ward off New York medical malpractice cases. Our Kingston medical malpractice lawyer looks into this and explains why he is wrong and right.

First, Warren Buffet says that medical malpractice insurance is different than car accidents, slip and falls, and similar crashes. He says this is because medical malpractice is different in that it attacks the doctor’s reputation. After all, the reputation of the doctor is what helps market the doctor and get the doctor new patients and referrals. This is how the doctor markets himself or herself, and the service that the doctor has because I doctor doesn’t have a tangible good or product, just himself or herself. This is a true statement.

Thus, Warren Buffet said that in order to protect a doctor’s reputation, he is willing to authorize the insurance company to move forward and settle quickly, get a confidentiality agreement is necessary, and have the issue move forward. This is to prevent distractions to the doctor who is obviously afraid of a blow to reputation, but also to not drag the costs of the case out. Paying a medical malpractice defense lawyer can be very expensive for even low-level cases.

This is a good thing that some patients who are really harmed will get the compensation that they deserve. However, this is also a bad thing in that the doctor will get away with it by having a confidentiality agreement. As a rule, I do NOT agree to confidentiality agreements.

But this will not mean that Warren Buffet will be able to ward off lawsuits. There will be a disagreement on some serious cases as to the value of the plaintiff’s injuries. Some injuries will be so large that an insurance company will never agree to settle it pre-lawsuit. The plaintiff will be forced to commence and action to ensure the total injuries are protected. These will not stop medical malpractice cases. Particularly in New York where the statute of limitations is less than a car accident or slip and fall at 2 and a half years after the date of the accident. This pushes plaintiffs to sue quicker rather than explore settlement.

But what do you think? I would love to hear from you! Leave a comment or I also welcome your phone call on my toll-free cell at 1-866-889-6882 or you can drop me an e-mail at jfisher@fishermalpracticelaw.com. You are always welcome to request my FREE book, The Seven Deadly Mistakes of Malpractice Victims, at the home page of my website at www.protectingpatientrights.com.