Get Comprehensive Coverage at the Lowest Available Rate!
For years, Assurixs Insurance Services, Inc. has provided physicians and other health care providers with the most comprehensive malpractice insurance coverage at the lowest rates available.
We’ve partnered with the top Malpractice Insurance Company to identify coverage that matches the needs of any practice, including those with previous claims and issue.
Our doors are open to anyone with any concern about their coverage even if they are not our current client, we will offer you a free review of your coverage within our specialty absolutely 100% free.
Know Your Options.
Understand which solutions fit your needs.
Medical liability insurance can be confusing.
What questions should you ask? What do you need to know about your policy?
Because the relationship with your professional liability carrier is long-term, you need to thoroughly understand how that relationship is defined. If you don’t, you may sign up for a policy that isn’t the best fit for your needs, or worse you may not understand your coverage or your rights.
Read your Policy and ask questions, do not stay in the dark and wait until you have a claim, make sure the policy you purchased is worth the money that you spend. Do not buy a policy based on rates, ask about the company, is it a real insurance company, is it a trusted company, or risk retention group, you need to avoid both tryst companies and risk retention because of potential financial harm to you and your assets. Again, read your policy.
Is your premium guaranteed?
Some professional liability carriers establish premiums at the beginning of the policy period and, absent any change by you during the policy period, are guaranteed not to increase during the policy period, regardless of any adverse loss development experienced by the company for that policy year. Other professional liability companies are “assessable” companies. This means that the premiums paid by policyholders at the beginning of a policy period are estimates only. If an assessable company has losses or expenses that exceed the premiums collected, they can collect extra premium (i.e., assessments) from policyholders-possibly even after your policy period ends or your policy is cancelled.
Is Your Consent Required to Settle?
How much control does the policy allow an individual physician to have when making the decision to settle a claim? After all, settling a claim involves more than money-it can impact your reputation, your practice and even future insurability. Who decides if the claim will be presented to a jury? The insurer? An arbitration panel? If you object to settlement and the trial verdict is higher than what you could have settled for, will you be personally liable?
Ask if you have a voice in your defense. Know what rights, if any, the policy gives you if settlement is considered.
What triggers coverage?
Whether you have a claims-made or occurrence policy, you need to understand what triggers coverage. Does the claims-made policy, for example, allow you to trigger coverage by reporting medical incidents you reasonably believe could result in a claim? If not, when can you trigger coverage? Do you have to wait for a formal demand for damages or lawsuit before the policy responds?
What about policy cancellation or modification?
What if there is a change to the policy terms or conditions? Will you receive advance, written notice? Will you have the opportunity to examine your options and secure alternative coverage if necessary?
Should You Choose Occurrence or Claims-Made Coverage?
Your policy will most likely provide professional liability coverage on either an occurrence or claims-made basis.
Occurrence coverage responds to claims based on when the medical incident occurred, regardless of when the claim is actually made against you. As long as the medical incident occurred during the policy period, your occurrence policy will respond--even if the claim is made after the policy period expires.
Compare Offerings. Ask Questions.
Claims-made coverage, by contrast, responds to claims based on when the claim is first made against the insured. Given the length of time that can pass between a medical incident and a resulting claim, claims-made policies contain a retroactive (or “prior acts”) date. This retroactive date allows the policy to look back in time and consider prior medical incidents. As long as the medical incident took place after the policy’s retroactive date (or "prior acts” date), and the claim is first made during the policy period, your claims-made policy will respond.
If you renew your claims-made policy with your current carrier, your coverage will continue uninterrupted. However, if you move to another professional liability carrier or your claims-made coverage ends, to remain protected, you will have to either obtain a reporting endorsement from the prior carrier (often referred to as “tail” coverage), or purchase “prior acts” coverage from your new carrier (also known as a “nose”) A reporting endorsement allows you to report claims based on medical incidents that took place between the retroactive date and policy termination date, but are first made after the policy coverage terminates.
At Assurixs, we are proud to offer you our expertise and dedication to fulfill and service your insurance needs as they develop and change.
However, new carriers may consider the financial stability of your prior carrier. If the prior carrier is considered financially unstable or insolvent, the new carrier may be less willing to extend coverage for any prior acts. Since this could impact your insurability and possibly create coverage gaps, it is important to purchase coverage from financially stable companies. Remember: coverage (including extended reporting endorsements) is only as good as the long-term financial health of the carrier who wrote the policy.
As with the policy itself, you need to review the language of any reporting endorsement offered. Understand your right to obtain an offer of tail coverage, how the tail premium (if any) will be determined, and the length of time you are given to report claims. If your prior carrier is unable or unwilling to provide you with a "tail” reporting endorsement, you will have to seek coverage for these “prior acts” through your new carrier.
A convertible claims-made policy makes it possible for physicians to convert their claims-made coverage to occurrence coverage. During the last medical crisis, occurrence coverage all but disappeared, and many physicians were forced into claims-made coverage by their carrier. Today, many of these physicians may now want to switch to occurrence coverage, but are finding that "tailing out" can be expensive. The convertible claims-made policy combines immediate occurrence coverage with a reduced "tail," making it possible for physicians to once again enjoy the convenience and flexibility of occurrence coverage.
Beyond the Policy -- Risk Management Solutions. Does your professional liability carrier go beyond the policy to help you improve patient safety and reduce risk? Do you have access to the tools and resources necessary to support those efforts?
Effective risk management is critical for all healthcare professionals. It requires extensive knowledge of the myriad of issues affecting today’s providers, and helps you find creative answers and meet the most pressing challenges.
Understanding the relationship with your professional liability carrier is critical. Invest the time to examine your policy’s benefits, coverages and costs.
If you would like to apply for coverage:
- Physicians Medical Malpractice. Please click here to apply for coverage.
- Dental Malpractice. Please click here to apply for coverage.
- Pharmacy Malpractice. Please click here to apply for coverage.
- Surgery Centers, Urgent Care, MRI, Radiology Center, Labs. Please click here to apply for coverage.
