Under Florida Law, a medical doctor or a doctor of Osteopathy may "Go Bare", by meeting the following two requirements:
1. Placing a sign in their waiting room or hand each patient a written statement containing the following language:
"Under Florida law, physicians are generally required to carry medical malpractice insurance or otherwise demonstrate financial responsibility to cover potential claims for medical malpractice. YOUR DOCTOR HAS DECIDED NOT TO CARRY MEDICAL MALPRACTICE INSURANCE. This is permitted under Florida law subject to certain conditions. Florida law imposes penalties against non-insured physicians who fail to satisfy adverse judgments arising from claims of medical malpractice. This notice is provided pursuant to Florida law."
2. Submit a form to the Florida Department of Health indicating the doctor's election not to carry malpractice insurance.
COMMON MISUNDERSTANDINGS
There are many common misunderstandings about "Going Bare". The following are widely held beliefs all of which are FALSE:
1. To "Go Bare" a doctor must post a bond, obtain a letter of credit, or obtain an escrow account.
2. To "Go Bare" a doctor must prove in advance his/her ability to pay a $250,000 judgment.
3. To "Go Bare" a doctor must disclose his/her financial information when requested by opposing counsel or the Department of Health.
See Florida Statute 458.320
PRACTICAL CONSIDERATIONS?
Although the legal requirements to "Go Bare" are quite easy, there are certain practical considerations that should be made by any doctor desiring to drop his/her insurance. They are as follows:
1. A doctor should have an Asset Protection Plan in place to protect his/her assets in the event of a lawsuit.
2. A doctor should have a Legal Defense Plan in place to minimize the risk of exorbitant legal defense expenses in the event of lawsuit.
Lubell & Rosen's pre-paid legal defense retainer provides both of these services.