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7 Misconceptions About AAOIC Malpractice Insurance

Rumors can ruin reputations and careers. Just ask any of the professionals who received one of the nearly 600,000 malpractice claims over the last decade.*

 

The American Association of Orthodontists Insurance Company (AAOIC) has experienced its own share of rumors over the years. We’re here to dispel those misconceptions so you can be confident that AAOIC is the only ally you’ll ever need in fending off malpractice damages.

 

1. Misconception #1 - AAOIC DOESN’T HELP MEMBERS REDUCE CLAIMS.​

The AAOIC offers an exceedingly robust risk management program. In fact, a recent study proved that taking our risk management course reduces the likelihood of experiencing a claim by 25%. We also reward those who successfully complete the program with a 10% premium discount for two full policy years.

 

2. Misconception #2 - IF YOU CHOOSE AN AFFORDABLE CLAIMS-MADE POLICY, THE AAOIC WILL MAKE UP FOR THE LOWER PRICE WITH A LARGE BILL ON THE TAIL COVERAGE.

There is no charge for tail coverage with our claims-made policy if you retire after age 50 and remain continuously insured with us for the preceding four years or more, and there is never a charge for tail coverage in the case of death or disability.

 

3. Misconception #3 - AAOIC DOES NOT HAVE THE FINANCIAL BACKING TO SUPPORT A LARGE CLAIM AGAINST A MEMBER.

All claims over $150,000 are reinsured by four reinsurance companies rated A (Excellent) to A++ (Superior) by A.M. Best. With billions of dollars backing us, we’re always prepared to support our members—no matter the size of the claim.

 

4. Misconception #4 - A MALPRACTICE INSURANCE POLICY WITH THE AAOIC WILL NEED TO BE CHANGED IF YOU MOVE TO ANOTHER STATE OR SWITCH JOBS.

An AAOIC insured never has to change policies due to a practice move. Premiums vary by location, but the policy will remain unchanged. The same is true if the insured becomes incorporated—they will keep the same policy, and an endorsement will be added to indicate the change.**

 

5. Misconception #5 - AAOIC MAY REQUIRE YOU TO SETTLE A CLAIM EVEN IF YOU DON’T AGREE​.

AAOIC never settles any claims without the insured’s consent.

 

6. Misconception #6 - DIFFERENT INSURANCE COMPANIES HAVE CHEAPER POLICIES—SOME AS LOW AS $50 FOR NEW GRADS.​

AAOIC offers up to a 75% discount for recent graduates, depending on the type of coverage selected. Those attending our risk management courses can receive discounts up to 85%, and unlike other insurance companies, we won’t triple your premium after your first year of coverage.

 

7. Misconception #7 - AAOIC WILL NOT OFFER PRIOR ACTS COVERAGE.​

Prior acts coverage is available from AAOIC. A supplemental application can be submitted to request prior acts coverage.

 

 

For more information about our malpractice policy, visit us here.

 

You can also click here now to apply for AAOIC Malpractice Insurance. 

 

*”NPDB Research Statistics.” National Practitioner Data Bank. 2015. Web. 10 February. 2016. Data spans 2004 – 2014.

**Provided you stay insured with us through age 50.