MIEC's rates are based on analysis by its consulting actuaries. The actuaries recommend rate changes to MIEC's all-physician Board of Governors, based on prior years' claims experience, industry trends, administrative and reinsurance costs and premium taxes applicable in each state where MIEC provides coverage. In most states, rates must be submitted to the Insurance Commissioner for approval before they can be used.

For MIEC's current rates, use the Estimated Premium Calculator below. Remember: the number is an estimate - actual premiums are determined after review and approval of an MIEC application. 

If you are currently insured by another claims-made carrier, MIEC offers “prior acts” coverage as an option over tail coverage when changing carriers. “Prior acts” covers previously unknown and unreported claims arising from your practice while insured with the other company, which are first known after you become insured by MIEC. To determine your premium with prior acts on our Estimated Premium Calculator,  press “prior acts” and select the date you first began claims-made coverage with your previous carrier. We’ll figure the rest based on the number of years that you have been continuously insured by the other claims-made company. As with all MIEC coverages, prior acts is subject to review and approval by MIEC.

New physicians: MIEC offers discounts to doctors in their first three years of private practice after completing a residency, fellowship or military service: 75% in your first year, 40% in your second year and 20% in your third.  Calculate your new doctor rates.

Part-time: There is a 50% premium reduction if you do not perform or assist at surgery and practice under 20 hours per week with commensurate reduction in patient volume and practice activity. There is a premium reduction of up to 75% if you practice less than 10 hours per week.  There is a 25% premium reduction for physicians in Class 1 (psychiatrists and allergists) who practice less than 20 hours per week, and a 60% reduction if they practice less than 10 hours per week.

Group practices: Groups of at least 20 MIEC insured physicians with at least $250,000 in annual premium and who have excellent claims experience over the past five consecutive years may qualify for a discount of up to 25%. MIEC also offers up to a 15% discount to an MIEC insured group of physicians whose total premium is at least $150,000 and whose members have participated in an MIEC-sponsored loss prevention program or have received an on-site visit by MIEC’s loss prevention representatives. Such groups also are asked to maintain an internal quality assurance program.

All rates are subject to review and approval by MIEC. Contact us for more information.