Insurance Program Results
Psychiatrists: Tweaks to Coverage
Psychiatry/Psychiatrist coverage will be fine-tuned as carriers adjust to competition brought on by greater capacity for this risk. This segment will be dominated by standalone psychiatry programs offered by Allied World via American Professionals Agency, Fair American Insurance & Reinsurance Co. via PRMS, and AIG’s National Union Fire Insurance Co. of Pittsburgh, PA via Contemporary Insurance Services. Physician carriers will also write psychiatry accounts but won’t be as aggressive as the standalone programs due to the low premiums typically generated by these accounts. Allied World and FAIRCO revised their policies this year to create additional flexibility in rating or coverage.
Crittenden expects that rates could rise over the long term due to growing exposures but will likely remain stable in the coming months. Long-term prospects for higher pricing is attached to an increase in active shooter incidents, particularly with much focus of these incidents turning toward access to mental health services and previous care provided to the suspect. Psychiatrists who treat someone who later commits a violent act may be pulled into a claim for improper treatment. Claims related to this exposure, however, have yet to materialize in a significant manner. Claims related to suicides, the most frequent claim in mental health, may present a more immediate influence on the market as the suicide rate reported for 2012, the most recently reported year, shows an increase of 2.4 percent. The most severe claims arise when a patient incurs bodily harm during an attempted suicide and is left with significant brain damage requiring lifelong care. FAIRCO-backed PRMS reported 44 percent of its losses stemmed a performance error last year, followed by 27 percent related to medicine and 17 percent from suicide/attempted suicide. Cyber risks could also rise with the increase use of telepsychiatry, which brings exposures related to counseling over the Internet, and greater reliance on electronic medical records.
American Professional Agency will roll out a new Allied World-backed psychiatrist professional and general liability insurance policy this year. The policy offers expanded coverage and flexibility. It includes an extended reporting period that becomes free when an account reaches specific milestones. Before those milestones there is an additional charge for the coverage. The program also incorporates locum tenens coverage and a suspension of insurance form for psychiatrists needing to suspend their practice. Additional available coverage includes defense costs related to licensing board investigations for both psychiatrists and psychiatric physician assistant or nurse practitioners with limits of $50,000 and $5,000, respectfully, available for free. Ancillary employees are covered at no charge, except for psychologists and physician assistant/nurse practitioners, when the psychiatrist is the primary insured. Limits can go as high as $150,000. Available discounts include 15 percent for child and adolescent psychiatry, a discount of
50 percent for psychiatrists working less than 20 hours per week or less than 26 weeks annually, a prep discount for new-to-practice insureds, resident fellow member discount, risk management seminar discount, and new business discount to insureds applying for a policy for the first time with the company who also are claims-free for six months.
Copyright © Crittenden Research Inc., September 28th, 2015
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
Behavioral/Mental Healthcare
Administered By: Irwin Siegel Agency, Inc.
Distribution: Program Administrator
Industries: |
Behavioral/Mental Health Organizations, Counseling (Marriage & Family), Mental Health/Behavioral (Counseling/Counselors), Psychiatrists, Rehabilitation Facilities |
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Carriers: ACE Group
Coverage: Abuse & Molestation Liability, Accident & Health, Commercial Auto, Commercial Property, Crime, Cyber Liability, Directors & Officers (D&O), Employment Practices Liability (EPL), Environmental/Pollution Liability, General Liability, Inland Marine, Professional Liability, Umbrella/Excess
Limits: up to $1 million/$3 million (General Liability Standard. Higher limits available.), up to $1 million/$3 million (Professional Liability Standard. Higher Available.), up to $15 million (Umbrella), up to $1 million (Commercial Auto - Combined Single Limit Liability)
Physicians & Surgeons
Administered By: The Doctors Co.
Distribution: Carrier Direct
Industries: |
Anesthesiologists, Bariatric Surgery, Gastroenterologist, Midwives, Nurse Practitioners, OB/GYN, Physician Groups, Physicians, Podiatrists, Psychiatrists, Radiology/Radiologists, Surgeons |
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Carriers: The Doctors Co.
Coverage: General Liability, Medical Malpractice, Professional Liability
Limits: up to $1 million/$3 million (Higher limits available. )
Pscyhiatrists (American Academy of Child Psychiatry)
Administered By: American Professional Agency
Distribution: Program Administrator
Industries: |
Psychiatrists |
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Carriers: Allied World Assurance Co.
Coverage: Excess, General Liability, Professional Liability, Umbrella/Excess
Limits: up to $2,000,000/$6,000,000 (Professional Liability)
Psychiatric NPs & PAs Professional Liability Program
Administered By: American Professional Agency
Distribution: Program Administrator
Industries: |
Nurse Practitioners, Physician Assistants, Psychiatrists |
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Carriers: Allied World Assurance Co.
Coverage: Excess, Professional Liability, Umbrella/Excess
Limits: up to $2,000,000/$6,000,000 (Professional Liability)
Psychiatrist Medical Malpractice
Administered By: Contemporary Insurance Services
Distribution: Program Administrator
Industries: |
Psychiatrists |
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Carriers: National Union Fire Insurance Co.
Coverage: Excess, Professional Liability, Umbrella/Excess
Limits: $1 million - $3 million (All States Except Virginia), $1.1 million - $3.3 million (Virginia)
Psychiatrists
Administered By: American Professional Agency
Distribution: Program Administrator
Industries: |
Psychiatrists |
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Carriers: Allied World Assurance Co.
Coverage: Professional Liability
Limits: up to $2,000,000/$6,000,000 (Professional Liability)
The Psychiatrists' Program
Administered By: PRMS
Distribution: Program Administrator
Industries: |
Psychiatrists |
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Carriers: Fair American Insurance & Reinsurance Co.
Coverage: Professional Liability
Limits: up to $2,000,000/$6,000,000
Osteopathic Physicians & Surgeons
Administered By: AON Affinity
Distribution: Program Administrator
Industries: |
Alternative Medicine, Bariatric Surgery, Gastroenterologist, Psychiatrists, Surgeons |
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Carriers: Admiral Insurance Co., Nautilus Insurance Co.
Coverage: Professional Liability
Limits: $100K/$300K - $2M/$4M
Physicians & Surgeons
Administered By: MedPro Group
Distribution: Carrier Direct
Industries: |
Anesthesiologists, Bariatric Surgery, Cosmetic Surgeons/Aesthetic Professionals, Gastroenterologist, Midwives, OB/GYN, Physician Groups, Physicians, Podiatrists, Psychiatrists, Radiology/Radiologists, Surgeons, Telemedicine |
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Carriers: Medical Protective Co.
Coverage: Cyber Liability, Excess, General Liability, Medical Malpractice, Professional Liability, Settlements - Medical
Limits: up to $10 million
Physicians & Surgeons
Administered By: LAMMICO
Distribution: Carrier Direct
Industries: |
Anesthesiologists, Bariatric Surgery, Cosmetic Surgeons/Aesthetic Professionals, Gastroenterologist, Nurse Practitioners, Nurses (CRNA), OB/GYN, Physician Groups, Physicians, Physicians (Locum Tenens), Podiatrists, Psychiatrists, Radiology/Radiologists, Surgeons |
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Carriers: Louisiana Medical Mutual Insurance Co.
Coverage: Cyber Liability, Medical Malpractice, Professional Liability
Limits: up to $1 million/$3 million (Higher Limits Available)
Physicians & Surgeons
Administered By: Greenhill Insurance Services
Distribution: MGU
Industries: |
Anesthesiologists, Bariatric Surgery, Gastroenterologist, Physicians, Psychiatrists, Surgeons |
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Carriers: Lloyd's of London
Coverage: Accidental Death & Dismemberment, Cyber Liability, Media Liability, Medical Malpractice, Privacy Liability/Notification Expense, Professional Liability, Regulatory Liability
Limits: