Medical Professional Liability insurance for physicians is not "one size fits all."
There are differences in policies, premiums, and insurance companies. That is why the American College of Physicians (ACP) has partnered with Mercer Consumer to provide a CHOICE insurance model for its members. CHOICE means you can choose amongst a couple of the nation's leading medical professional liability insurers.
Mercer’s history, experience, relationships with top-name carriers, and reputation in the industry allow us to offer this to specialized program to ACP members. Mercer Consumer and the ACP have collaborated together and found two insurance carriers who have expertise in the healthcare industry, and the ability to offer ACP member discounts.
In two simple steps, you can learn more about the options available to you:
Coverys is a leading medical professional liability insurance provider dedicated to helping the medical community address the challenges of healthcare delivery. In a world of distractions, Coverys helps healthcare professionals focus on what matters most—providing superior patient care. They deliver flexible coverage options, alternative insurance solutions, best-in-class education, risk mitigation resources, superior claims handling, and more. See our Fact Sheet for more information.
With 40+ years of experience serving the medical community and underwriting companies with “A” (Excellent) ratings from A.M. Best, you can be confident in Coverys’ financial strength and stability. Visit coverys.com to find out how they can help you reduce distractions.
As the nation’s first provider of healthcare liability insurance, MedPro Group has protected the assets and reputations of the healthcare community since 1899. With over $900 million in annual premium and more than 140,000 customers, MedPro Group is the national leader in customized insurance, claims, patient safety and risk solutions for physicians, surgeons, dentists and other healthcare professionals, as well as, hospitals, senior care and other healthcare facilities. MedPro Group includes The Medical Protective Company, Princeton Insurance Company, PLICO, Inc., and MedPro RRG Risk Retention Group. All insurance products are administered by MedPro Group and underwritten by these and other Berkshire Hathaway affiliates, including National Fire & Marine Insurance Company, all of which have earned financial strength ratings of A++ from A.M. Best. Its distribution partners include a nationwide network of licensed agents, brokers and wholesalers. MedPro Group is a Berkshire Hathaway business To learn more about MedPro please review the Provider Fact Sheet.
A.M. Best’s Disclaimer
Mercer Consumer, a service of Mercer Health & Benefits Administration LLC, makes no representations or warranties, expressed or implied, concerning the financial condition or solvency of any insurers. A.M. Best’s Ratings are under continuous review and subject to change and/or affirmation. For the latest Best’s Ratings and Best’s Company Reports (which include Best’s Ratings), visit the A.M. Best website at http://www.ambest.com. See Guide to Best’s Ratings for explanation of use and charges. Best’s Ratings reproduced herein appear under license from A.M. Best and do not constitute, either expressly or impliedly, an endorsement of Mercer Consumer or its recommendations, formulas, criteria or comparisons to any other ratings, rating scales or rating organizations which are published or referenced herein. A.M. Best is not responsible for transcription errors made in presenting Best’s Ratings. Best’s Ratings are proprietary and may not be reproduced or distributed without the express written permission of A.M. Best Company
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What is the financial stability of the insurance company?
What's the difference between prior acts and retroactive coverage?
They're the same thing--the terms are used interchangeably. Under a claims-made policy, this coverage provides insurance for claims arising from incidents that occurred while a previous claims-made policy or policies were in effect, but were not reported until that policy (or the last in a succession of policies) was terminated. This type of coverage is also often called "nose" coverage too. For instance, if a physician changes practices and purchases a liability policy through their new employer, nose coverage would be needed to cover the physician if a claim is then made for an incident that occurred while he/she was under their previous employer's policy. Since the physician no longer has protection through their old employer's policy, this coverage provides security for the period between the inception date of the new policy and the retroactive date of the old policy.
What is the difference between Occurrence and Claims-Made policies?
An occurrence policy provides coverage for an incident that occurs during the term of the policy, regardless of when a claim arising from the incident is made. A claims-made policy provides coverage for claims arising from incidents that occur and are reported to the insurance company while the policy is in force.
Here’s an example to show the differences. “Dr. Van” had a malpractice policy effective from July 1, 2017 to June 30, 2018 and it is an occurrence policy. He doesn’t renew the policy. On September 3, 2018, a claim is filed against him for something that occurred on August 8, 2017. Because the incident occurred during the period in which he was covered by the policy, he was covered for that claim, even though the notice of claim was filed after the policy ended. However, if “Dr. Van” had a claims-made policy, he would not have been covered because the coverage was not active when the notice of claim was reported.
If you currently own a claims-made policy, careful consideration should be made if you are considering canceling or switching coverage providers. If you do decide to end your current claims-made policy, you can purchase "tail" coverage.
Determining which coverage is better for you depends on your personal circumstances. A claims-made policy offers more flexibility and is generally more affordable but could potentially leave you uninsured if you don’t purchase additional coverages. An occurrence policy offers you the advantage of more permanent coverage without having to purchase additional coverages, but it can be more costly.
What is a stock company?
A stock insurance company is a publicly traded insurance company that is owned by a group of stockholders who do not necessarily hold insurance policies issued by the company. The stockholders are investors who own the company by virtue of owning shares of stock in the company.
What is a mutual company?
Mutual and reciprocal insurance companies are owned by their policyholders and have no stockholders. These companies were formed to provide their policyholder-owners with a dependable source of insurance. Profits are used to strengthen the company’s ability to pay claims or are returned to policyholders in the form of dividends.
What are the defense and settlement capabilities?
Does the policy offer you proper coverage?
Make sure it offers you adequate coverage, including consent to settle and incident triggers, as well as continuous coverage, including tail coverage (so you have no uninsured time periods). Also, make sure you know what happens to your coverage if you should change carriers, opt for part-time work, become disabled, retire, or die.
Why is Risk Management education important, and how can it help me?
Risk management education helps you identify, evaluate, and address problems that may injure patients, lead to malpractice claims, and cause financial loss. Ultimately, it helps to prevent a claim or malpractice suit. Some insurance companies have determined it to be a valuable tool in reducing your risk and offer premium credits for completion of qualified risk management courses.
Are you only interested in the plan with the lowest premium?
Don't just buy the least expensive option. There are many factors to consider when purchasing coverage (such as those described above), and the cheapest coverage doesn't usually mean it's the best coverage. Financial stability, not premium price, should be the first consideration when selecting a malpractice carrier because it is essential that the company have sufficient financial resources to pay all current and future claims against policyholders.