WHAT WE OFFER
- Occurrence Based Medical Malpractice Coverage
- Prior Acts Coverage
- Laboratory Coverage (Simple and Complex)
- Medical Board Coverage
OCCURRENCE BASED MEDICAL MALPRACTICE COVERAGE
Most medical malpractice insurance providers exist for the benefit of the company—PRF exists for the benefit of its Insureds. Because of this basic difference in philosophy, PRF offers its Insureds the security of “OCCURRENCE BASED COVERAGE” while almost every other insurance product available to physicians and allied health care providers is “CLAIMS MADE COVERAGE.” During the course of your professional life, the difference in coverage can save you thousands of dollars. In addition, not having OCCURRENCE BASED COVERAGE can severely impact your ability to relocate your practice—even within the same state. If you are wondering how this is possible, please click on “Occurrence Based Coverage.”
DISCOUNTED PRIOR ACTS COVERAGE
To accommodate new insureds joining PRF (who have been insured by another carrier), PRF offers a reasonable alternative to the “Tail Coverage” available from the former insurance provider. This coverage is called Prior Acts Coverage and literally takes the place of Tail Coverage. In addition to offering a considerably discounted premium for Prior Acts Coverage, PRF also offers the new insured the option of various payment plans (as opposed to a lump sum payment). For example, in the event of a $20,000 premium for Prior Acts Coverage, the new insured may opt to make quarterly payments of $5,000.
LABORATORY COVERAGE—SIMPLE AND COMPLEX
The limits of Laboratory Coverage are the same ($1,000,000 per occurrence/$3,000,000 aggregate per policy period) for simple or complex labs. However, the risks associated with a complex lab (labs assisting with IVF treatments and other complex procedures for infertility) are far greater than the risks associated with simple labs (labs doing routine testing, such as tests for cholesterol levels). Therefore, the premium for complex laboratory coverage is higher than the premium for simple laboratory coverage, yet both premiums are very competitively priced. Laboratory coverage is Occurrence Based not Claims made, and provides the Insured with the same level of security as PRF’s policy for medical malpractice coverage for physicians and allied health care professionals. Note: Complex lab coverage is for individuals or entities seeking coverage for activities involving the performance of tests described as of moderate or high complexity under the Clinical Laboratory Improvement Amendments of 1988 (CLIA).
MEDICAL BOARD COVERAGE
PRF also offers Medical Board Coverage for a minimal annual payment. This coverage provides the insured with up to $35,000 per case for the cost of legal defense associated with Medical Board investigations, hearings, and appeals. The maximum coverage of $35,000 applies regardless of the number of cases investigated by the Medical Board. Medical Board Coverage is for the costs of defense only and does not include indemnification of the insured for any fines, penalties or losses arising in connection with any Medical Board proceeding.