from staff
Four insurance industry veterans announced Tuesday the formation of MedMal Direct Insurance Co., a medical malpractice insurance company they say is the first in the state to offer such insurance directly to physicians.
In a news release, the company said it received its certificate of authority from the Florida Office of Insurance Regulation last week.
“By using the direct-write distribution model, we are able to pass on the savings to the physician,” said Butler Ball, MedMal Direct CEO.
“It is simply more efficient for the physician to purchase directly from the company,” he said.
In addition to Ball, founders include Chair Carter B. Bryan, President Timothy R. Bone and COO and CFO Michael J. Wallace. Together, the four have more than 100 years of industry experience.
They call the business model and customer-service platform of MedMal Direct “user-friendly and responsive.” Ball said MedMal Direct expects to save Florida physicians an average of 20 percent on their premiums.
The company said the product will have the same features and will provide the same coverage as those being offered through the traditional brokerage system.
Bone said a physician or practice manager can visit the www.MyMedMal.com website to complete and submit an application. He said the company would return a quote within 48 hours of the completed application.
The company offices are Downtown in the Modis Building.