Coverage Programs, Underwriting Services

coverage

Medical careers can take a number of divergent paths. Whether those lead to a small private practice setting or a large hospital or corporation, ISMIE's professional liability coverage will maximize protection and minimize worry. 

Here's an overview of our comprehensive coverage options.

  • Physician Professional Liability Coverage – ISMIE's flagship insurance policy for physicians and groups comes with an array of superior protections. The policy can be tailored to cover your employed allied health professionals, regardless of practice structure.

    If you are the sole shareholder of your own medical corporation, coverage for the corporate entity or a "doing business as" (DBA) name can be provided under your individual professional liability policy at no additional charge. To obtain coverage, you must report the entity/DBA to ISMIE Mutual, and the entity/DBA must be added by endorsement to your policy. You and your entity/DBA share the policy limits of liability.
     
  • Partnership/Corporation Professional Liability Coverage – ISMIE's corporate coverage is geared for individual physicians who wish to purchase a separate corporation policy with separate limits for the sole shareholder entity/DBA.

    This option also protects multi-physician practices organized as a corporation, partnership or other legal entity. For an entity composed of two or more physicians, a separate policy is required if insurance protection is desired for the entity.

  • Clinic Option Professional Liability Coverage – This policy option is a coverage alternative for corporations, partnerships or other legal entities, delivering our classic physician professional liability protection while offering significant cost-saving opportunities to groups of two or more physicians, with either a separate or shared limit option.

The separate limit option covers each physician as an additional named insured on a single policy form, eliminating the need for multiple bills and statements. If your practice qualifies for the Clinic Option coverage program, depending on its size and historical loss experience, the premium savings may be significant. (Such savings are in addition to the individual physician loss-free discount and risk reward credits earned.) An ISMIE risk manager credit is also available for clinics with a dedicated risk manager.

The shared limit option reduces the cost of insuring your entity under our Clinic Option coverage program.

With this option:

  • Your corporate entity shares in the limit of one employed physician when both are named as co-defendants in the same claim.

  • The premium is reduced to 5 percent of the five highest rated underlying physician premiums.

  • The entity is provided a separate limit of liability in two limited circumstances advantageous to the corporate entity:
    1. when there are independent or direct allegations against the entity; or
    2. when there are allegations of vicarious liability for certain departed physicians or other employed staff.

We know that new and relevant insurance products are needed to protect physicians and their practices from professional liability risk exposures that occur in the ever-changing medical environment. Should your practice structure change, please contact our expert underwriting staff or your broker to discuss options.