Insurance Program Results
Psychologists: Exposures Abound
Despite a shift that will increase psychologists’ exposures, Crittenden expects claims and rates to stall this year. Carriers will beef up risk management services to ensure best practices instead of revising coverage or pushing for higher rates. At issue are exposures that will rise as psychologist associations seek prescription authority, something currently available in New Mexico, Louisiana, and most recently Illinois. Psychologists that move toward writing prescriptions will face risks similar to those incurred by psychiatrists, a class considered higher risk. Also, increased use of telepsychology will increase access to mental health professionals in underserved areas while increasing patient load and potentially the frequency of claims.
Demand for psychologists is increasing due to the expansion of healthcare coverage under the Affordable Care Act and a 2008 mandate to include treatment of behavioral illness in personal healthcare coverage, an increase in veterans diagnosed with mental illness, a rise in prescription drug abuse and recent years of economic stress resulting in a greater need for behavioral healthcare. Psychology, including therapists, psychoanalysts, behavioral therapists and other affiliated classes, is expected to grow by 12 percent by 2022, an increase of 18,700 professionals, compared with 2012. Look for carriers, such as ACE, Allied World, Philadelphia Insurance, and Hiscox, which offer standalone programs for psychologists and similar mental health professionals, to be among those collecting new premium. ACE via The Trust has seen policies in force and gross premium written grow during the past several years.
Copyright © Crittenden Research Inc., April 13, 2015
Beazley Breach Response Select
Administered By: Beazley
Distribution: Direct/Broker
Industries: |
Accountable Care Organizations (ACOs), Acupuncturist, Allied Health, Art Galleries/Fine Art/Museums/Antique Dealers, Assisted Living Facilities, Chiropractors, Civic Clubs (Nonprofit), Colleges & Universities, Continuing Care Retirement Communities (CCRCs), Day Spas, Dentists, Education & Nonprofit, Emergency Response Services (Ambulance), Gastroenterologist, Health Maintenance Organization (HMO), Healthcare Systems, Hospice, Hospitality (Hotels/Motels), Hospitals, Imaging Centers/Diagnostic Labs (X-Ray, MRI, etc.), Independent Living Facilities, Laboratories, Lawyers, Long-Term Care Facilities (LTC), Managed Care Organizations, Massage Therapy/Therapists, Mental Health/Behavioral (Counseling/Counselors), Midwives, Non Emergency Transportation (Medical), Nurse/Staffing Registries, Nursing Homes/Skilled Nursing Facilities, Opticians, Pharmacies, Pharmacists, Physicians, Podiatrists, Private/Charter Schools, Psychiatric Facilities/Hospitals, Psychologists, Rehabilitation Facilities, Research/Research Organizations (Clinical, Etc.), Retail, Schools, Schools (Adult Education), Substance Abuse Rehabilitation Facilities & Services, Surgeons, Therapy/Therapists, Weight Loss Clinics |
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Carriers: Beazley Insurance Co. Inc.
Coverage: Cyber Liability, Excess, Umbrella/Excess
Limits: up to $5 million
Miscellaneous Medical (Small Business/Private Enterprise)
Administered By: Beazley
Distribution: Direct/Broker
Industries: |
Acupuncturist, Adult Day Care, Allied Health, Audiologists, Behavioral/Mental Health Organizations, Dialysis Centers, Emergency Response Services (Ambulance), Fitness Professionals, Home Healthcare, Hospice, Imaging Centers/Diagnostic Labs (X-Ray, MRI, etc.), Massage Therapy/Therapists, Medical Clinics/Infirmaries, Medical Labs, Mental Health/Behavioral (Counseling/Counselors), Nurses, Nurses (Visiting), Nutritionist/Dietitian, Occupational Therapist, Optometrists, Pharmacies, Psychologists, Social Services, Speech Therapy/Therapists, Substance Abuse Rehabilitation Facilities & Services, Therapy/Therapists |
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Carriers: Beazley Insurance Co. Inc.
Coverage: Cyber Liability, Employee Benefits Liability, General Liability, Privacy Liability/Notification Expense, Products Liability, Professional Liability
Limits: up to $11 million (Aggregate Limit), up to $1 million (Employee Benefits Liability), up to $1 million/$3 million (Professional/General Liability), up to $1 million (Privacy Liability), up to $1 million/$3 million (Products Liability)
Human Services
Administered By: CapSpecialty
Distribution: MGU
Industries: |
Adoption/Foster Services & Facilities, Adult Day Care, Behavioral/Mental Health Organizations, Developmentally Disabled Services/Facilities, Psychiatrists, Psychologists, Residential Facilities, Social Services, Substance Abuse Rehabilitation Facilities & Services, Youth Services/Facilities |
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Carriers: Capitol Indemnity Corp., Capitol Specialty Insurance Corp.
Coverage: Abuse & Molestation Liability, Commercial Property, Crime, Cyber Liability, General Liability, Inland Marine, Professional Liability, Umbrella/Excess
Limits: up to $11 million
Allied Medical
Administered By: JaVA Underwriting
Distribution: MGU
Industries: |
Allied Health, Ambulatory Surgery Centers (ASCs), Audiologists, Community Health Centers, Counseling (Marriage & Family), Dialysis Centers, Emergency Medical Technicians (EMTs), Home Healthcare, Imaging Centers/Diagnostic Labs (X-Ray, MRI, etc.), Medical Clinics/Infirmaries, Nurses, Occupational Therapist, Pharmacies, Physical Therapists, Physician Assistants, Psychologists, Speech Therapy/Therapists |
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Carriers: Lloyd's of London
Coverage: General Liability, Hired & Non-Owned Auto, Professional Liability
Limits: $100,000/$300,000 - $5 million
Allied & Miscellaneous Program
Administered By: PRA Mid-Continent Underwriters
Distribution: MGA
Industries: |
Adult Day Care, Allied Health, Ambulatory Surgery Centers (ASCs), Audiologists, Behavioral/Mental Health Organizations, Counseling (Marriage & Family), Dialysis Centers, Emergency Medical Technicians (EMTs), Fitness Professionals, Freestanding Medical Facilities, Home Healthcare, Home Medical Equipment, Imaging Centers/Diagnostic Labs (X-Ray, MRI, etc.), Massage Therapy/Therapists, Medical Clinics/Infirmaries, Medical Directors, Medical Labs, Mental Health/Behavioral (Counseling/Counselors), Non Emergency Transportation (Medical), Nurse Practitioners, Nurse/Staffing Registries, Nurses, Occupational Therapist, Opticians, Physical Therapists, Physician Assistants, Psychologists, Social Workers, Speech Therapy/Therapists, Substance Abuse Rehabilitation Facilities & Services |
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Carriers: ProAssurance Group
Coverage: Abuse & Molestation Liability, Employee Benefits Liability, General Liability, Hired & Non-Owned Auto, Professional Liability
Limits: up to $5 million/$7 million (Primary Limits)
Miscellaneous Medical Professional
Administered By: Admiral Insurance Group
Distribution: Direct/Broker
Industries: |
Allied Health, Cancer Treatment Centers, Emergency Response Services (Ambulance), Imaging Centers/Diagnostic Labs (X-Ray, MRI, etc.), Laboratories, Medical Clinics/Infirmaries, Medispas, Mental Health/Behavioral (Counseling/Counselors), Nurse Practitioners, Nurse/Staffing Registries, Occupational Therapist, Physician Assistants, Psychologists, Radiology/Radiologists, Research/Research Organizations (Clinical, Etc.), Therapy/Therapists, Urgent Care |
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Carriers: Admiral Insurance Co.
Coverage: Excess, General Liability, Professional Liability, Umbrella/Excess
Limits: up to $5,000,000 (Primary and Excess)
Social Services
Administered By: Huntersure LLC
Distribution: MGA
Industries: |
Behavioral/Mental Health Organizations, Day Care (Child or Adult), Hospice, Meals on Wheels, Mental Health/Behavioral (Counseling/Counselors), Psychologists, Respite Care, Social Services, Social Workers, Substance Abuse Rehabilitation Facilities & Services |
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Carriers: Chaucer plc
Coverage: Abuse & Molestation Liability, General Liability, Professional Liability
Limits: up to $3 million/$6.4 million
American Psychological Association Insurance Trust
Administered By: Trust Risk Management Services
Distribution: Program Administrator
Industries: |
Psychologists |
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Carriers: ACE Group
Coverage: Professional Liability
Limits: up to $1,000,000/$3,000,000 (Extended Protection for Research/Academic & Part-Time Clinical Duties), up to $1,000,000/$6,000,000 or - $2,000,000/$4,000,000 (Psychologist PL), $1,000,000 Per Claim - $3,000,000 Aggregate (Student Liability), up to $1,000,000/$3,000,000 (Research/Academic Coverage only)
Coverage for Mental Health Professionals
Administered By: CPH & Associates
Distribution: MGA
Industries: |
Mental Health/Behavioral (Counseling/Counselors), Psychologists |
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Carriers: Philadelphia Insurance Co.
Coverage: Excess, Professional Liability, Umbrella/Excess
Limits: $35,000 - $100,000 (State Licensing Board Defense Coverage), $10,000 - $35,000 (Deposition Expense Coverage), up to $15,000 (First Aid Coverage), up to $250,000 (Fire & Water Legal Liability under GL), $5,000 per incident - $50,000 per policy period (Medical Expense Coverage), $1,000 per day - $35,000 (Defendant's Reimbursements), up to $15,000 (Property Coverage), $1 million/$3 million - $1 million/$5 million (Professional Liability), $1 million/$3 million - $1 million/$5 million (Supplemental Liability), up to $15,000 (Assault Coverage)
Employment Practices Liability
Administered By: NAS Insurance Services
Distribution: MGA
Industries: |
Accountable Care Organizations (ACOs), Acupuncturist, Allied Health, Builders Risk/Home Builders, Chiropractors, Commercial Real Estate, Commercial Real Estate (Industrial), Commercial Real Estate (Office), Commercial Real Estate (Retail), Contractors, Dentists, Farm/Ranch/Agribusiness, Health Maintenance Organization (HMO), Healthcare Systems, Hospitals, Long-Term Care Facilities (LTC), Manufacturers/Manufacturing Risks, Massage Therapy/Therapists, Opticians, Pharmacies, Physicians, Podiatrists, Psychologists, Real Estate Agent/Broker, Real Estate Appraiser, Research/Research Organizations (Clinical, Etc.), Therapy/Therapists |
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Carriers: Lloyd's of London
Coverage: Employment Practices Liability (EPL)
Limits: $100,000 - $2 million
Excess Healthcare
Administered By: NAS Insurance Services
Distribution: MGA
Industries: |
Home Healthcare, Hospitals, Opticians, Pharmacies, Psychologists, Research/Research Organizations (Clinical, Etc.), Therapy/Therapists |
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Carriers: Lloyd's of London
Coverage: Professional Liability
Limits: up to $5 million
Psychoanalyst Professional Liability Insurance
Administered By: American Professional Agency
Distribution: Program Administrator
Industries: |
Psychologists |
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Carriers: Allied World Assurance Co.
Coverage: Excess, Professional Liability, Umbrella/Excess
Limits: up to $2,000,000/$4,000,000 (PL)
Psychologists
Administered By: American Professional Agency
Distribution: Program Administrator
Industries: |
Psychologists |
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Carriers: Allied World Assurance Co.
Coverage: Professional Liability
Limits: up to $2,000,000/$4,000,000
School Psychologist Professional Liability Insurance
Administered By: American Professional Agency
Distribution: Program Administrator
Industries: |
Psychologists |
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Carriers: Allied World Assurance Co.
Coverage: Excess, Professional Liability, Umbrella/Excess
Limits: up to $2,000,000/$4,000,000 (Professional Liability)
Social Services General & Professional Liability
Administered By: NAS Insurance Services
Distribution: MGA
Industries: |
Adoption/Foster Services & Facilities, Adult Day Care, Crisis Call Centers, Developmentally Disabled Services/Facilities, Meals on Wheels, Mental Health/Behavioral (Counseling/Counselors), Psychologists, Respite Care, Substance Abuse Rehabilitation Facilities & Services |
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Carriers: Lloyd's of London
Coverage: Professional Liability
Limits: up to $1 million (Commercial general liability), up to $1 million (Personal & advertising injury), up to $1 million (Products/completed operations), up to $5,000 (Medical expense), up to $50,000 (Fire legal liability), up to $1 million (Professional liability), up to $5 million (In aggregate)
Allied Healthcare
Administered By: Hiscox USA
Distribution: Carrier Direct
Industries: |
Acupuncturist, Adoption/Foster Services & Facilities, Adult Day Care, Allied Health, Assisted Living Facilities, Audiologists, Body Piercing/Tattoo Parlors, Chiropractors, Cosmetic Surgeons/Aesthetic Professionals, Dental Hygienists, Dialysis Centers, Emergency Response Services (Ambulance), Fitness Professionals, Home Healthcare, Hospice, Laboratories, Medical Clinics/Infirmaries, Medical Directors, Medispas, Mental Health/Behavioral (Counseling/Counselors), Nurse Practitioners, Nurse/Staffing Registries, Nurses, Nutritionist/Dietitian, Occupational Therapist, Opticians, Pharmacies, Pharmacists, Physical Therapists, Psychiatric Facilities/Hospitals, Psychologists, Research/Research Organizations (Clinical, Etc.), Speech Therapy/Therapists, Substance Abuse Rehabilitation Facilities & Services, Therapy/Therapists, Urgent Care, Veterinarians/Veterinary Risks, Weight Loss Clinics |
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Carriers: Hiscox Insurance Co. Inc.
Coverage: Abuse & Molestation Liability, Crime, Cyber Liability, Excess, General Liability, Privacy Liability/Notification Expense, Professional Liability, Umbrella/Excess
Limits: up to $10,000,000
Allied Healthcare
Administered By: Greenhill Insurance Services
Distribution: MGU
Industries: |
Acupuncturist, Adult Day Care, Allied Health, Ambulatory Surgery Centers (ASCs), Audiologists, Behavioral/Mental Health Organizations, Consultants/Consulting Risks, Counseling (Marriage & Family), Dialysis Centers, Emergency Response Services (Ambulance), Fitness Professionals, Gyms/Fitness Facilities, Home Healthcare, Home Medical Equipment, Imaging Centers/Diagnostic Labs (X-Ray, MRI, etc.), Massage Therapy/Therapists, Medical Clinics/Infirmaries, Medical Directors, Medical Labs, Mental Health/Behavioral (Counseling/Counselors), Nurse Practitioners, Nurses, Occupational Therapist, Opticians, Optometrists, Pharmacies, Physical Therapists, Physician Assistants, Psychologists, Speech Therapy/Therapists, Substance Abuse Rehabilitation Facilities & Services |
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Carriers: Lloyd's of London
Coverage: Abuse & Molestation Liability, Employee Benefits Liability, General Liability, Hired & Non-Owned Auto, Professional Liability
Limits: up to $1 million/$3 million (Sexual Abuse), up to $1 million/$3 million (Hired & Non-Owned Auto), up to $2 million/$4 million (Primary Limits)
Healthcare Providers
Administered By: MedPro Group
Distribution: Carrier Direct
Industries: |
Acupuncturist, Allied Health, Audiologists, Chiropractors, Counseling (Marriage & Family), Dental Assistants, Dental Hygienists, Emergency Medical Technicians (EMTs), Midwives, Nurse Practitioners, Nurse/Staffing Registries, Nurses, Nurses (CRNA), Nurses (Visiting), Nursing Homes/Skilled Nursing Facilities, Nutritionist/Dietitian, Occupational Therapist, Opticians, Paramedics , Pharmacists, Physical Therapists, Physician Assistants, Podiatrists, Psychologists, Social Workers, Speech Therapy/Therapists |
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Carriers: Medical Protective Co.
Coverage: Cyber Liability, Excess, General Liability, Medical Malpractice, Professional Liability
Limits: up to $1 million/$3 million (Primary), up to Any (Excess)