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Would you practice if you had a $25 million windfall?

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  • #91
    Originally posted by Zaphod View Post

    This can be insured to a greater degree for much much cheaper than malpractice.
    Cheaper is not really an issue if you have 25 million and you enjoy practicing. I also think this is very specialty dependent. I'm guessing you're probably in one of the worst specialties for cost of malpractice.

    Can you really get more than 5 million on the car insurance? That's what I've got with my umbrella and I don't know of anyone who will sell me 10 million, do you?

    5 million is more than the typical malpractice policy, but not enough that it should change the decision much.

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    • #92
      Originally posted by AR View Post

      Cheaper is not really an issue if you have 25 million and you enjoy practicing. I also think this is very specialty dependent. I'm guessing you're probably in one of the worst specialties for cost of malpractice.

      Can you really get more than 5 million on the car insurance? That's what I've got with my umbrella and I don't know of anyone who will sell me 10 million, do you?

      5 million is more than the typical malpractice policy, but not enough that it should change the decision much.
      You can get 5 million no questions asked and for slightly more hassle you can get more, or at least this is what I was told. Yes, we get sued a lot (top 3-5 usually), luckily we have the most disparate sued/loss ratio, but it definitely makes for an annoying and stressful practice.

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      • #93
        Originally posted by Zaphod View Post

        You can get 5 million no questions asked and for slightly more hassle you can get more, or at least this is what I was told. Yes, we get sued a lot (top 3-5 usually), luckily we have the most disparate sued/loss ratio, but it definitely makes for an annoying and stressful practice.
        I've already tried the "slightly more hassle" and no dice. If anyone reading this has 10 million, please let me know how you got it.

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        • #94
          At 25 million it might be time to investigate one of these companies like net jets.

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          • #95
            Chubb will happily sell you umbrella insurance for far more than $10M. Probably need to have your home and auto with them to get it. Not the cheapest company but they aggressively target high networth customers. $10M in umbrella would not be a particularly large policy.

            I agree that a larger umbrella policy would be part of the mix. They are too cheap to worry about.

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            • #96
              Originally posted by AR View Post
              I wonder how many folks with 25 million who would stop practicing would also stop driving completely. For the exact same reasons it would make zero sense to drive a car.
              I’d definitely keep driving while quitting medicine. Driving is fun, medicine is not.

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              • #97
                Originally posted by afan View Post
                Chubb will happily sell you umbrella insurance for far more than $10M. Probably need to have your home and auto with them to get it. Not the cheapest company but they aggressively target high networth customers. $10M in umbrella would not be a particularly large policy.

                I agree that a larger umbrella policy would be part of the mix. They are too cheap to worry about.
                Thanks. Never looked at them (or even heard of them). I'll check it out.

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                • #98
                  25 Million.... sounds nice. lowers that SWR

                  It wouldn't change my current plans for retirement, but I would definitely start the search for the right dds to come in, buy, and take over my practice and take care of my patients now instead of my planned 5 yrs from now.

                  Dentistry has undeniably been good to me, but it's not my top passion, and buying an ownership stake of a practice currently run by dds in their prime would be an amazing opportunity for a young, motivated doc. I would have been glad to have found that myself, and would be glad to provide it.

                  Summer's on the lake skiing the course, trick, wakeboarding, barefoot, jump, show, pontoon evenings, kayaking with wife, etc. Winter's for woodworking, DIY remodeling, travel, skiing, etc. Books, beer league soccer, travel and spend time with parents/inlaws before they get too old, and above all spend more time with kids and help the reach independence. And so much more. Man, I can't wait.

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