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 Additions
Vela Insurance Services
Tailored Insurance, Proven Financial Strength & Great Quotes!
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.
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!
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!
Hartford’s Cyber Solution
All about that Cyber!
Been hearing a lot about Cyber these days, and with so many options to choose from, it’s hard to know which cyber solution is the best option for your client. Recent data shows how vulnerable and costly a cyber breach can be, however so many businesses opt out or get coverage for the bare minimum. Why? Insurance Journal reports mistrust of pricing and lack of clarity as the main concerns.
Hartford has achieved a cyber solution and your Insured need not worry about lack of clarity, rather some may find they have too much information at their disposal! They call it their holistic approach to self-defense with benefits. Hartford’s goal is not only to provide coverage, but help and incentivize businesses to prevent and safeguard themselves against cyber threats.
Here is just a brief description of what cyber solutions Hartford has to offer:
- CyberChoice First Responders – Breach response team experienced to get your client through a crisis
- Customer – focused claim service – dedicated cyber claim team to ensure responsiveness when your client is in crisis
- Hartford’s Cyber Center – Resources for risk control, including access to an online portal for tools and security information and what to do in case of a breach
- Cyber Security Services – access to professionals that help improve an insured’s cyber-security before an incident happens.
- Competitive & Flexible Coverage – let’s not forget this one! A full suite of 1st and 3rd party coverages that provide protection from sensitive data breaches, computer hacking, cyber extortion and ransom-ware, business interruption & more.
No organization is immune from a data breach. A study done over the last five years found that criminal attacks in the industry are up by 125% and 91% of healthcare organizations, regardless of size, have had at least one PHI (Protected Health Information) breach. Keep your clients in the know, and help us help your clients mitigate their data and privacy risks and provide them with coverage against this vastly growing threat.
Is your client interested in stand-alone cyber? Contact an HPSI Producer today or call us at 678-935-5040. Trust HPSI to Navigate Your Risk.
Put your Clients’ Minds At Ease, Help Protect Their Tails!
Markets Available for Stand-Alone Tail Policies.
With increasingly mobile careers, physicians and groups need an affordable tail policy to cover past exposure. Stand-Alone Tail coverages are not as painful as you may think, and can be cheaper than the ERP pricing your Insured can get from their existing carrier. Let HPSI market your account! We now have a Carrier in the “A” Rated market that will allow financing of the tail for up to 6 months. Stand Alone Tails may be just the way to go. Gone are the days of traditional tail pricing and limited options. HPSI has the “A” Rated Carriers to offer this product and the experience to get the terms and pricing your client needs.
- Competitive Pricing
- Tail Options for Individual Physicians, Groups, Allieds and Large Institutions
- 48 hour turn-around time on simple risks
- 6 Month Financing
- Available in 47 States including DC
- Increased Commission Percentage (dependent on Carrier placement)
Getting a Quote or Indication – What we need from You:
- Full Policy, Current Tail Offer
- Current Loss Runs & Terms
- Limits Requested
How can a Stand-Alone Tail policy be beneficial?
There are a multitude of options, besides retirement for which a tail policy can assist your Insured. Is your Insured leaving a private practice to switch to a group practice or vice versa? Or, are they thinking of simplifying their practice from surgical to non-surgical? Perhaps they have a coverage form on a Written Demand policy and want to switch to Incident Trigger?
All these and more are instances where a tail policy can come in handy! Tailing out a part of their practice can give your Client the flexibility and peace of mind they need to start a new venture or switch to a coverage right for them. The best part, is that most of the time, this clean slate is a great financial incentive! Your Insureds can start a new venture without the risk and baggage from their old practice. This saves them money on their malpractice insurance going forward and makes them more marketable to Carriers looking to insure your Client’s new risk. HPSI now has a few Markets offering financing options on tail policies, which makes the up-front cost of a tail policy not so insurmountable after all.
Contact one of our Agents today at HPSI for more details!
Did you know? HPSI can market your non-medical related E&O Stand Alone Tails!
Deception Fraud -the 101 on the latest Business Crime
Endorsement Available through Hartford…
Deception Fraud is more common than you think – everyday unsuspecting employees are misled into providing confidential information, W-2 data or sending money to imposters posing as a CEO, legitimate client or vendor, each demanding urgent funds or financial information. Employees are deceived, either through e-mail, phone, mail, messaging or text, and other such “phishing” mechanisms into divulging information that can have devastating consequences on a business.
It happens to companies of all sizes. Recent data indicates that attacks on businesses have risen 91% over the last few years and with over 100,000 deception fraud attacks each day, coverage is needed now more than ever.
How can your Insured defend their business?
- Validating requests for information
- Maintaining a formal wire transfer process
- Being wary of unsolicited e-mails
- Limiting access to sensitive information
- Encouraging use of instincts and proceeding with caution
- Training employees and stay informed!
Bottom line: If the message conveys a sense of urgency, uses intimidation, and refuses to provide valid contact information, proceed cautiously!
We have a few Carriers who can protect your Insured, however today’s highlight focuses most notably on Hartford. Deception Fraud coverage is available by endorsement through their Management Liability Policies: D&O, EPL, Fiduciary Liability, Kidnap and Ransom, and Crime.
Their appetite includes:
| Outpatient healthcare organizations: Offices of MDs, Dentists, Osteopaths, Chiropractors, Podiatrists, etc. | Hospitals | Long Term Care Facilities: Skilled Nursing Care, Intermediate Care, and Nursing & Personal Care Facilities | Non-Medical : Technology Companies, Contractors, & more.
Keep your Client apprised of potential security flaws or lack of coverage to help them mitigate damage and run their practice successfully.
Senior Care Sells with the Medical Protective Company
We’ve taken it you’ve heard of MedPro. What we bet you haven’t heard is that they are seeing an expanded area of growth in Senior Care.
Senior Care? Good news for them, but what does that mean for you or your client?
Why is it selling? It means that others in the Senior Care Industry have trusted Medical Protective to write their risk, which shows that MedPro has the great coverage needed to grow in this particular niche. This also means that your Senior Care accounts will get the best service possible: dedicated Underwriters with decades of experience who understand how to write the risk, claims managers with the background and knowledge to handle a claim, and not to mention a national team of defense panel firms with specific expertise in the field.
Now to throw some stats at you – within this industry, MedPro boasts a 90% national trial win rate and an estimated 80% of claims closed with no payment. Overall, they are claiming a cool customer satisfaction rating of 99%. With an A.M. Best rating of A++ (Superior), need I say more?
What are their eligible classes?
- Skilled Care Facilities
- Senior Living, included Assisted and Independent Living
- Alzheimer’s and Memory Care
- Sub-Acute Care Facilities
- Community Based Services, including Adult Day Services and PACE Organizations
- For Profit, Not-for-Profit, Governmental
- Claims-Made and Occurrence
- Defense Outside, Incident Sensitive
- Coverage available for Medical Directors, employed NPs & PAs
- Limits up to $1M/$3M
- Primary (First Dollar, Deductibles, Self-Insured Retentions)
- Primary coverage also includes $100K of Cyber Liability and Regulatory Fines coverage
- Excess available up to $25 Million
- Additional Limits available for select risks
- Both PL & GL available
Trust HPSI to Navigate Your Risk.
For Immediate Release:
Contact: Fred Seilkop (678.935.5040)
313 Swanson Drive
HPSI Partners with Toro Risk Consulting Group, LLC to Enhance its Retail-Broker Partnerships
Lawrenceville, GA, May 1, 2017: HPSI and Toro Risk have announced a new partnership that will focus on growing HPSI’s retail agencies’ business through enhanced partnerships. Broker-partners looking to expand their access and expertise into healthcare liability – from enterprise risk, to private equity and private practice consolidation risks – will now have unparalleled resources and new market exclusivity available to them.
HPSI President Fred Seilkop noted, “By partnering with Toro, our brokers can now obtain access to new healthcare insurance programs and products, as well as guidance on the greatest challenges affecting healthcare delivery today. Our retail brokers already look to us as a leader in service and expertise. With the addition of Toro, we will take the concept of wholesale service to a whole new level.”
“There is perhaps no better industry to support healthcare’s transformation from volume to value-based reimbursement than professional liability insurance, as the risks associated with both are almost perfectly aligned. HPSI broker-partners will now have even more tools available to them through HPSI to thrive in the new healthcare era,” says Brian Kern, Esq., Founder of Toro Risk.
HPSI is a large medical malpractice wholesale insurance brokerage that has contractual relationships with over 20 U.S. and international insurance markets and places business from retail brokers throughout the U.S. HPSI’s focus is on the special needs/hard to place market as well as the miscellaneous professional class of business. They are one of the largest national wholesale medical malpractice insurance brokers in the United States. The principals of HPSI each have over 20 years of experience as brokers and agents in the medical malpractice marketplace. In business since 1991, HPSI has built up a network of over 200 retail brokers and agents throughout the United States.
About Toro Risk Consulting Group:
Founded by Brian Kern, Esq., a healthcare attorney with more than 15 years of experience starting, growing, and running healthcare professional liability companies and teams, Toro provides unique guidance into healthcare enterprise risk and leverages its vast access to capital and underwriting partners. www.tororisk.com
Stand-Alone Property & GL Available through Hartford.
Some say Hartford has set the standard. With HPSI’s access to Hartford we can assure you that confidence is not misplaced! After 200 years of experience in helping companies through the unexpected, and with over 30 years in healthcare, their reputation is proof. Whatever the coverage required to protect your client’s business – Worker’s comp, Business Auto, Data Breach coverage, etc., your Clients can be certain they’ll find the coverage for what they need and trust that Hartford will go the distance in protecting their livelihood.
HPSI’s Access to Hartford includes these coverages:
- Business Owner’s Policies (BOPs)
- General Liability
- Employment Practices Liability (EPL)
- Directors & Officers Liability (D&O)
- Data Breach and Business Auto
- Miscellaneous E&O
Who is eligible? HPSI now writes both Medical & Non-Medical
Don’t know much about BOPs? Don’t Worry! Our Producer John Malejko knows all about them!
Tailored Insurance, Strong Defense & Proven Financial Strength
Healthcare Underwriters Group (or HU) is a doctor managed, Admitted Carrier, that for over 10 years has been earning their reputation by protecting their Insureds via an aggressive defense program. Boasting a rate of over 80% of claims closed without payment, they also maintain financial strength with asset holdings of nearly $100 Million. Rated A Prime by Demotech, you can trust they won’t let your clients down.
HU currently provides coverage for:
- Physician/Physician Groups of all sizes and specialties
- Outpatient and Urgent Care Centers
- Hospital based contract service firms such as ER Departments, Anesthesia & Radiology.
- & More!
Coverage is available in the States of Texas, Florida, Ohio, Kentucky & Indiana
Contact your favorite HPSI Agent for information or to submit an Account. Trust HPSI to Navigate Your Risk.