Insurance Program Results

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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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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)