Coverages We Provide
Our policies include coverage for Medical Board Defense Coverage, Regulatory Proceeding Coverage, Cyber Liability Coverage, Sexual Abuse and Molestation Coverage, Death, Disability and Retirement Benefits, Extended Reporting Period and even Free Tail coverage when you retire! Minimum age 55 and the continuous coverage will vary by company. We also offer a zero deductible policy!
Types of Coverage
We offer policies on a claims-made basis. Claims-made coverage provides coverage for claims reported during the policy period. Claims that are filed while medical services were rendered during the policy period from the inception of the retroactive date to the expiration date of the policy, will be covered.
Individual Professional Liability
Individual Professional Liability covers the insured as a single practitioner based on the medical services that you or any person for whose acts or omissions, for whom you are legally responsible. This does not apply to corporations, professional associations, partnerships, or any other type of physician.
Vicarious Liability will provide coverage to an Insured for the professional acts and services carried out on the Insured’s behalf by another party. This coverage is only valid if the other Professional has collectible, valid, individual medical malpractice insurance and has a permanent license to practice. The limits of coverage will not exceed the limits of the other party’s liability policy limits. This coverage only applies if the medical happening occurred during the policy period and the appropriate premium for this coverage has been paid.
Tail coverage provides the insured with an unlimited amount of time in which they can report a claim. The claim arising out of a professional service rendered or which should have been rendered , following the retroactive date and before the termination date of the policy.
We only offer companies with “A” rated, Reinsurance and Financial Stability Rating
Types of Company Structures
Risk Retention Groups are owned by the policyholders and authorized by the Federal Liability Risk Retention Act of 1986. A RRG will allow members who engage in similar or related business or activities to write liability insurance for all or any portion of the exposures of group members. Authorization under the federal statute allows a group to be chartered in one state, but able to engage in the business of insurance in all states, subject to certain specific and limited restrictions. The Federal Act preempts state law in many significant ways.
Publicly Held Corporation traded in the stock market and its profits are usually shared with its shareholders and owners.
Mutual Company is owned by the policyholders and can pay dividends. The dividends are not guaranteed and you can end up paying a higher premium initially. Policyholders have the right to excess premiums paid, which means if the company’s expenses and loss ratio are less than the premiums paid to the company, the policyholders can receive a dividend.