it is not a good situation. aussieblue, yes, some doctors are quite cashed up but i think most of them would go bankrupt if they had to pay someone $5,000,000
the whole insurance thing scares me (including public liability insurance). i think insurers have to realise that you can't ALWAYS make a profit when you're in the business of insuring property against accidents. they understand the nature of the business and have to accept that some years there will be more claims than in other years. i don't think we are heading in the right direction with insurance - the gov't will have to step in eventually, or our already sky-high premiums will go up even more.
do you guys remember that case from a few months ago where an obstetrician got sued by a young woman who got brain damage at birth? well, that bloke used to practice in a medical centre where i worked so i knew him reasonably well. sure he drove a porsche and owned a fancy house but there is no chance in hell he could have paid the money out of his own pocket. he would have gone bankrupt. these guys NEED insurance