Check out this great article from Allied World on the dangers of third party additions as “additional insureds” on your insurance policy.
Allied Word – 3rd Party AdditionsMonth: July 2017
Vela Insurance Services – Charting the Course
Vela Insurance Services
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Tailored Insurance, Proven Financial Strength & Great Quotes!
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At HPSI we notice a thing or two, and after over 25 years in business, we pick up quickly on who’s offering a great deal, and as always, want to share that knowledge with our trusted agents.
What have we noticed with Vela?
1) Medical Directorship coverage
You may have a more than a few options for this coverage, but did you know that Vela is very competitive on this risk?
- Average premium ranges between $2,000 and $3,500.
- Includes both Admin and Collaborative (indirect patient care) coverage
2) Expert Witness Coverage
An interesting fact! Expert witness coverage is not covered by a regular malpractice policy due to the financial loss exposure of this risk. For example, an expert witness can be sued for negligence for an alleged error made which ended up causing a financial loss for the attorney’s client due to an adverse court verdict. For this exact reason, your client’s malpractice policy may not be sufficient.
- Average premium runs around $2,500, $1M limits
(Dependent on the frequency of testimony provided)
Does your Insured plan to be an expert witness in a case? Vela Underwriters are experienced and well versed to provide the coverage your client may need!
Keeping our Agents informed is just one of the many great services we provide here at HPSI. We keep up with the trends, so that you in turn can keep your clients happy and satisfied with their coverage and price!
Contact your favorite HPSI Producer today to get a competitive quote! Trust HPSI to Navigate Your Risk.
Announcing DPLRRG as “A” Rated by Demotech
Need a Competitive Quote? DPLRRG can help!
I’m sure you’ve heard of DPLRRG or Doctor’s Professional Liability Risk Retention Group. More than likely, you’ve come across their competitive pricing! Founded by doctors, and led by an experienced team of underwriters with years in the industry, they are an RRG who believe that in the world of liability coverage, flexibility & stability are keys to their success!
When it comes to RRGs, DPL manages to balance the scales by providing tailored coverage solutions, competitive pricing, and keeping their strong financial backing. Now with a rating of “A” Exceptional by Demotech, Inc., DPLRRG is set to take the market by storm.
Policy Coverage Features:
- Claims Made coverage for individual Physicians, Groups, Captives, Associations & Allieds
- Prior Acts Coverage
- Stand Alone Tail – 1 year to lifetime
- DD&R available
- Claims trigger – Claims asserted
- ‘Locum Tenens’ Coverage – 30 days a year
- Employee Coverage with Shared Limits
- Administrative Actions Defense Coverage
- Additional Coverages include: Data Recovery, Patient Notification & Credit Monitoring, Network Security & Privacy, Regulatory, and more!
Availability in 17 states, including AZ, TN, CA, NY, FL, GA, MI, NV, OH, TX & WA & more!
Contact the HPSI Team today to secure a quote for your Insureds! Call us at 678-935-5040 or e-mail your favorite HPSI Agent directly. & don’t forget to find us on LinkedIn!
By the way – what is a Risk Retention Group, or “RRG”?
An RRG is a liability insurance company that is owned by the individual people it insures, also called “member-owners”. The NRRA puts it succinctly by explaining when an individual secures insurance from a Risk Retention Group they are also securing an ownership in that RRG. It functions as a captive insurance company for the primary purpose of assuming and spreading the liability exposures of its group members. And due to its unique structure, an RRG has the added benefit of avoiding cumbersome multi-state licensing laws.