Top Rated Carriers
Utilizing a network of AM Best rated Insurance Companies, Mutual Trust Protections, Risk Retention Groups and Councils, California Attending Physicians has the ability to place coverage for Physicians and Healthcare Professionals with a wide variety of needs.
Please inquire for our full list of Medical Malpractice and General Liability Coverage Providers.
Coverage Details
Medical malpractice insurers establish rates based on medical specialties within a particular state and geographical region – usually by county. Various discounts may be applied based on particular characteristics of the policyholders, such as claim histories, participation in risk-management programs, or membership in particular medical societies or associations. Although California Attending Physicians specializes in preferred and standard risks, we have multiple alternatives for the non standard market.
Types of Carriers
Admitted Carriers - An insurance company that is licensed and regulated by a State Department of Insurance is known as an “admitted” carrier in that State. Because the company is “admitted” its policy holders are protected by the admitting State’s “Guarantee fund.” This fund affords policyholders some protection against the insurance company becoming “insolvent.” Check with your state’s Department of Insurance for details of it’s guarantee fund and for a list of the malpractice insurers which are “admitted”.
Non-Admitted Carriers - Often, a physician simply cannot obtain coverage from an admitted carrier because of past claims history, licensing issues, or high-risk procedures in the doctor’s practice. For example: In some States – Bariatric Surgeons will be declined coverage from every admitted carrier in that State.
Excess & Surplus Lines (non-admitted) Carriers usually become the best option for so called “higher-risk” practitioners. An E & S carrier is not regulated by the State’s Department of Insurance and therefore, is not subject to the “guarantee” fund. However, your State’s Department of Insurance must approve the Excess & Surplus Lines Company for it to be a viable option for you.
Ratings
A.M. Best Ratings - The financial strength of your insurance company is a very important consideration. AM Best is the most widely used company to evaluate the financial health of insurance carriers. If possible, an AM Best rating of “A-” or better is desirable for the carrier you choose for your professional liability coverage.
Moody's Investors Service, often referred to as Moody's, is the bond credit rating business of Moody's Corporation, representing the company's traditional line of business and its historical name. Moody's Investors Service provides international financial research on bonds issued by commercial and government entities. Moody's, along with Standard & Poor's and Fitch Group, is considered one of the Big Three credit rating agencies.
Five independent agencies—A.M. Best, Fitch, Kroll Bond Rating Agency (KBRA), Moody’s and Standard & Poor’s—rate the financial strength of insurance companies. Each has its own rating scale, its own rating standards, its own population of rated companies, and its own distribution of companies across its scale. Each agency uses numbers or plusses and minuses to indicate minor variations in rating from another rating class.
Types of Policies
Occurrence policies cover claims on the basis of when they are incurred regardless of when they are reported. For example, an occurrence policy written for 1997 covers only claims arising out of incidents which occur in 1997 irrespective of when the claim is actually made. Claims-made policies cover claims on the basis of when they are reported. For example, a claim that is incurred in 2009 but is not reported until 2014 will be covered under the claims-made policy issued for 2014 (assuming the policy is continuously in force with a prior acts date of 2009 or previous).
Claims-Made. A claims made policy covers events that occur: During the policy period (on or after the retro-active date) AND are reported while the policy is still in force. If you would like the company that you have claims-made coverage through to cover your claims after the policy is not longer in force, tail coverage is required.
Occurrence - An occurrence policy covers events that occur during the policy period regardless of when they are reported as claims. Because it is nearly impossible to predict the cost of future claims in today’s medical malpractice environment, occurrence policies have become nearly extinct for medical malpractice coverage.
Retroactive Coverage- A provision found in many (although not all) claims-made policies that eliminates coverage for claims produced by wrongful acts that took place prior to a specified date, even if the claim is first made during the policy period.
There are two purposes of retroactive dates: (1) to eliminate coverage for situations or incidents known to insureds that have the potential to give rise to claims in the future and (2) to preclude coverage for "stale" claims that arise from events far in the past, even if such events are unknown to the insured. In the former case, the retroactive date preserves the principle of "fortuity"—that is, the insurer should not be called upon to cover the so-called burning building. In the latter instance, the retroactive date makes policies more affordable by precluding coverage for events that, while insurable, are remote in time.
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