What We Offer
Shares in Our Company – Capital is collected from each of our insured physicians. After an insured physician is fully vested, a stock certificate is issued in that individual physician’s name. This is not only an investment but your right to have a voice in the company workings. What other company lets you do that?
How is the capital contribution payment calculated? Do I have to pay it in full upon joining?
Each physician’s required capital contribution differs as it based on 1/3 of their mature premium. Capital can be paid in full upon joining or split over two or three annual installments. The choice is yours!
Optional Entity Coverage is available under shared or separate limits with the physician.
What is the difference between shared and separate limits in regards to entity coverage?
Shared Limits -No charge will be made and the entity will share in the limits of liability of the physician. Note that under the shared limits option, if a physician leaves the practice, coverage for the entity exists only if the departing physician purchases “tail” coverage. These ancillaries must be listed on the schedule of insureds.
Separate Limits - This option is available upon request and requires underwriting approval. The coverage is subject to a an additional premium charge. Note the corporation is provided coverage for acts by the insured physician who leaves the practice, whether or not an individual “tail” is purchased for the departing physician.
Defense Costs for Legal and Governmental Proceedings are covered outside of your policy coverage limits. Your full per occurrence amount is available for any settlement costs you may incur. Coverage is provided for State Licensing Proceedings; OSHA, EEOC, CLIA, COBRA investigations; and Medicare investigations on patient care free of charge.
Physician Extenders and Paramedical Employees Coverage – Coverage is offered as shared limits under the insured physician. Separate limits coverage is also available for all physician extenders, additional premium is required
Who would be considered a physician extender?
- Nurse Practitioner (NP)
- Advanced Registered Nurse Practitioner (ARNP)
- Physicians Assistant (PA)
- Surgical Assistant (SA)
- Certified Nurse Midwife (CNM))
- Certified Registered Nurse Anesthetist (CRNA)
PLEASE NOTE that ARNPs must also have a minimum of $250,000/$750,000 coverage to stay in compliance with F.S. 458.320 and Chapter 64B8-12. Sharing limits between an ARNP and physician is NOT suggested as both parties may fall below the minimum financial responsibility statue.
Coverage for Employees – Is included at no additional cost.
Who is considered an employee of my entity?
- Registered Nurse (RN)
- Licensed Practical Nurse (LPN)
- Medical Assistants
Extended Reporting Endorsement (“Tail”) – Due to cancellation or non-renewal, an Extended Reporting Endorsement (“tail”) may be purchased in order to cover claims reported after the termination date of the coverage, which are based on incidents that happened on or after the retroactive date and prior to the termination date of the coverage.
Do you offer free tail coverage?
Yes free tail coverage is granted due to the following reasons:
- Permanent and Total Disability (from the practice of medicine)
- Complete Retirement (if age 55+ and having maintained continuous coverage with us for at least one year at a mature rate).
Locum Tenens Coverage - If temporary coverage is required for a physician providing substitute coverage for any insured, limited locum tenens coverage may be added to the insured’s policy by endorsement free of charge. A full application must be completed by the temporary physician standing in place of our insured. Underwriting approval is required prior to providing this coverage. A maximum of 45 days of coverage is provided upon approval.
Discounts Offered – The discounts available to PIRRG’s insured’s are listed below. The maximum discount for previously practicing physician is 60%. Newly practicing doctors may be eligible for up to 65% discount.
Claims Free – Physicians who remain CLAIM and LOSS Free for a minimum of three years are eligible for discounts.
New to Practice – A discounted rate is available to those physicians entering private practice who purchase a claims-made policy within three years upon completing an internship, residency, or fellowship program.
Part Time - A part-time discount may be available to physicians who practice less than full time. A part time application will need to be completed by the applicant on an annual basis.
Renewal – Physicians who choose to renew their policy with PIRRG are eligible for a premium discount.
Risk Management – Insured’s who complete an approved risk management seminar or course will be given a risk management discount at the renewal date of their policy. The credit will be given at the inception of the policy with a guarantee from the insured (via renewal application) that a course will be taken within 6 months of the renewal date. Verification of completion of the course will be required. Approved seminars will include those which focus on minimizing medical malpractice claims and is either sponsored by PIRRG or which provides Category 1 CME credit.