U.S. Liability Insurance Market Snapshot
This month’s tip article gives you the highlights of where the liability insurance market recently was and is heading, particularly the professional liability market within the medical malpractice segment. The supporting information was obtained from four sources: Deloitte Center for Financial Services, Insights, December 2019; USI 2019 Sponsored National Practice Leaders; Marsh’s Global Insurance Market Study, 2019; and Preferra first-hand experience.
A Tale of the Extended Reporting Period Tail
Extended Reporting Period (ERP), in connection with a professional liability insurance policy, also known “tail coverage,” is an option sometimes offered in a claims-made policy. The keyword here is “Reporting Period” because that term drives the difference between a claims-made policy and an occurrence policy.
Why is a Couch Like a Turkey?
In early November, each crisp fall day’s golden sunlight grows shorter and wanes into the cold dark night. We see the bright, colorful, and radiant leaves sparkling in the autumn sun sinking low on the horizon. We smell the woodsy humus fragrance of the fallen leaves and acorns from the tall oak trees rooted in the damp dark earth. As our minds wander in a sort of Freudian free-associative state, we remember our happy childhood memories of days gone by.
To Sue or Not to Sue … That is the Question!
In the property and casualty insurance world, which includes liability covers such as Errors and Omissions, Medical Malpractice, General Liability, Cyber Liability, Professional Liability, and Employers Professional Liability, the chain of claim is virtually the same.
Watch Out for CAPS, GAPS, and MAPS
Insurance policies are legal contracts. As such, they are very complicated and loaded with legal terms and precise definitions. Insurance carriers are in business to maximize profits, especially the Wall Street insurance companies. As a result, they utilize their decades of claims history and loss experience to carve out certain risks and perils from their insurance policy coverages.
General Facts About General Liability
General Liability insurance is important for you to own. Even if you have no office, or your employer already has a General Liability insurance policy. If you perform your services in any venue, there is a risk that your client will suffer a property loss like a stolen wallet for example and blame you.
Because We Care, We Are Security Aware
Did you know that recently the City of Baltimore suffered a cyber attack that froze its ability to operate, including processing parking tickets? In early June of 2019, Philadelphia’s court system was attacked which froze its ability to operate.
Beachin’, Cruisin’, or Just Restin’?
Well, it’s that time again here in sunny June, where we go on vacation to enjoy life, get together with friends and loved ones, see the many wonders in our world, and maybe just simply recharge our batteries from our exhaustive work lives.
You Cover Client Care … We Cover You
The purpose of insurance is to manage risk. Insurance enables the insurance policyholder to transfer certain risks, or defined causes of loss called “perils”, that are listed as being covered in the insurance policy contract issued by the insurance company.
I’m not Perfect, Just Insured
Discussions with our insurance policyholders frequently involve some of the same issues that are top of mind. As your insurance carrier, we go where you go so your future is protected. So let’s take a look with a brief review of two important topics.
Sunset Treatment Records
Frequently practitioners ask what to do about patient records upon patient termination, or in other words, records retention and destruction. This challenge is multi-part and not as easy as one would think.
Do Roses Have Thorns, or Do Thorns Have Roses?
What in the world does this question have to do with the world of insurance and risk, you would reasonably ask? It’s all about the language. At its root, language can be uplifting and powerful in a good way. Yet language can be perceived by the listener as sharp and demeaning with hurtful characterizations.