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This Professional Liability Insurance program has been organized as a purchasing group (National Professional Purchasing Group Association), pursuant to legislation exacted by the U.S. Congress as the Federal Liability Risk Retention Act of 1986. You automatically become a member of the purchasing group once your completed application has been approved and your premium payment has been received.
Coverage Issued Through Purchasing Group
Coverage in this professional liability insurance program is provided through the master policy issued through the National Professional Purchasing Group Association, in which you apply for membership at the same time you purchase the coverage. The program utilizes a carrier rated “Excellent” by A.M. Best.
Claims Made Coverage Form
Provides professional liability coverage to the scope of practice of your licensure, certification or registration for professional services you render to clients or patients, for incidents that arise from treatment provided on or after your coverage’s retroactive date (also known as the prior acts date). Your prior acts date usually reflects the date your coverage started. As long as you continuously renew your claims made coverage form, you may report claims for incidents that occurred in previous years, back to the beginning of your claims made coverage.
Choose from a Broad Range of Limits of Liability
The insurance program offers a wide range of limits you can select to fit your professional liability exposure. Limits range anywhere from $250,000/$500,000 (Limit Per Claim/Annual Aggregate Limit) all the way up to $2,000,000/$4,000,000.
The limit per claim is the maximum payment for all damages and expenses arising from each wrongful act or series of continuous, repeated or interrelated wrongful acts or occurrence. The limits you chose should correspond to the size and scope of your practice and to your potential liabilities. As the nature of your practice changes, you should re-evaluate your limits. Claims Made coverage allows you to increase your limits to reflect higher legal settlements. The limit you select at the beginning of each coverage period applies to any covered past claim reported during the coverage period.
Discounts Available to Reduce Your Premium
- Newly Licensed or Certified Discount — Newly licensed or certified professionals may be eligible for a 50% first year premium discount. Newly licensed or certified means the first 12 months after licensure or certification.
- Risk Management Discount — 10% credit is given for 4 hours of continuing education on topics of Risk Management, Ethics or Legal Principles.
- Group Discount — Groups discounts are available and vary for the size of the group.
Supplemental Liability Coverage At No Additional Charge
Pays for premises liability, up to the certificate limit, which occur during your rendering of professional services while the coverage is in force.
Evidence of Insurance At No Additional Charge
There is no additional charge for issuing certificates of insurance as evidence to others that you are insured.
Contractual Liability At No Additional Charge
There is no additional charge for coverage for contractual liability which is assumed by you under contracts with third parties, for whom you provide additional services.
Low Additional Insureds Charge
Additional Insureds can be easily added to the certificate at your written request for a small additional premium.
Terrorism Risk Insurance
You may include coverage for your alleged negligence arising from an act of terrorism, as defined by the Federal Government. There is a surcharge of 5% to 10% for such coverage, based on your residency.
Low Per Loss Deductible for Individuals
Individual certificate holders are subject to a $1,000 or $2,500 deductible for each loss, based on the rating category for your specific occupation.
Choice of Deductible for Groups and Limits of Liability
The limits of liability (per claim and annual aggregate) on group certificates apply in total to the whole group, with options for various levels of coverage. For larger groups, we offer a wide choice of deductibles.
Defense Costs
Pays legal fees and court costs up to the certificate limit involving covered claims or allegations, at no cost to you.
Extended Claims Reporting Period Option (“Tail Coverage”)
When your coverage under this certificate ends, either because you decide to cancel it or not renew it, or we cancel or nonrenew coverage (other than for nonpayment of premium), we will offer you in accordance with the terms of your certificate, the right to purchase a 12 month reporting period endorsement within 60 days from the date of cancellation or nonrenewal for an additional premium charge.
Eligibility and Effective Dates
- Applicants must possess appropriate licensure or certification (per their state requirements) in their chosen covered class of business.
- Completion of an application does not bind the insurance company to issue coverage. While most applicants are accepted, it is possible that an applicant may not be accepted based upon the information contained in the application.
- Coverage becomes effective on the date the completed application is formally approved and premium is received.
PLEASE NOTE: This is only a partial description of the coverage. Coverages and benefits are subject to the terms, conditions and exclusions contained in the Master policy. If any conflict exists between these highlights and the policy, the policy will govern. For complete provisions, including exclusions, please refer to the policy itself.
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