 |
 |
|
|
This column is provided as a service to the membership by the Psychiatrists' Purchasing Group Inc. (PPG), operator of the APA-sponsored Professional Liability Insurance Program.
I was unable to attend this year's annual meeting. One of my colleagues who attended the meeting obtained a helpful package of psychiatric malpractice risk management materials from the APA-sponsored Professional Liability Insurance Program's booth. Are these tips still available, and if so, how can I get them?
The APA-sponsored Professional Liability Insurance Program is committed to providing APA members with risk management education. Participants in the program receive materials of this sort on a regular basis. We would be happy to provide you with copies of the following:
If you would like to obtain a copy of these risk management materials, please contact the program at (800) 245-3333, ext. 389, or contact ohri@prmsva.com. Additional risk management tips are also available on the program's Web site at I am in my final year of residency, and I am researching professional liability insurance. What criteria should I use to evaluate the strength of an insurance company, and what other factors should I consider prior to my decision?
One way an insurance company's financial strength can be evaluated is through an A.M. Best rating. A.M. Best is the oldest, most experienced rating agency in the world, and it assigns a rating to a company only after an extensive quantitative and qualitative evaluation of the company's financial condition and operating performance.
For example, the APA-sponsored Professional Liability Insurance Program's insurance carrier is Legion Insurance Company. Legion is rated "A Excellent" by A.M. Best. An "A" rating is assigned by A.M. Best to those companies that, in its opinion, have achieved an excellent overall performance when compared with property/casualty insurance industry norms. A-rated insurers generally have demonstrated a strong ability to meet their respective policyholder and other contractual obligations. Most public libraries have the A.M. Best Insurance Reports available in the reference section.
Another important consideration when selecting an insurance program is to determine how long the insurance company has offered professional liability in your geographic area. Some carriers have a history of ceasing coverage in specific areas if they fear a lack of profit or bad losses. A stable insurance company shows a commitment by providing coverage during the hard and soft markets in the professional liability insurance industry.
We also suggest that you develop a list of features and benefits of each insurance company you are considering. Here are some questions you might ask: Use this list to conduct a comparative analysis regarding the features and benefits you consider the most important to your particular practice.
As you know, purchasing professional liability insurance is one of the most important practice purchase decisions you will make. To further assist you, the APA-sponsored Professional Liability Insurance Program has developed a convenient checklist to guide you through your decision-making process. To receive a "Before You Sign" checklist, please call (800) 245-3333, ext. 389, or contact ohri@prmsva.com. A checklist is also available at APA welcomes the opportunity to hear from you about APA-sponsored benefit programs. Send your questions on the APA insurance and special benefit programs to At Your Service, Psychiatric News, APA, 1000 Wilson Boulevard, Arlington, Va. 22209-3901.