APA Endorsed Malpractice (American Professional Agency)?

[keep]

Any experience about the coverage, limitation, quality?

Just read an article about (link below) ''Hammer clause'' and ''consent to settle'' . Will appreciate any feedback for alternative malpractice insurance that is better that APA.

http://www.cbsmalpractice.com/articles/forcedtosettle.htm


Details of APA Endorsed Insurance Coverage:

http://www.americanprofessional.com/APA_Psychiatry/APA claims made contract.pdf

---

Members don't see this ad.

 

[PikminOC]

I think you bring up good points. I am unsure if you can actually obtain insurance without these type of clauses unless you want to pay huge premiums.

I am just happy I can afford occurrence based in a state that also has tort reform.

I don't think punitive damages are covered by malp insurance. Much like most insurance, you pay for it and pay for it, but when you need it, there are mucho restrictions.

 

[whopper]

I used PRMS, the former program endorsed by the APA. Why the APA dropped them I don't know. There never was a declaration as to why and I wouldn't be surprised if it were something to the effect that the APA wasn't given enough money.

The rates of the current APA endorsed company were better for starting off psychiatrist compared to PRMS as of a few years ago but new companies have a habit of being very cheap at first and then when they get their customer base, shoving that base with higher fees.

I can't say which company is better because it's not like I see people being sued all the time and can ask them how their company handled it. What I can say is that as psychiatrist, you're likely better off with an insurance company that specializes in this area. PRMS had a Guttmacher Award winner on their list of people that assists in protecting from malpractice.

 

[PikminOC]

I used PRMS, the former program endorsed by the APA. Why the APA dropped them I don't know. There never was a declaration as to why and I wouldn't be surprised if it were something to the effect that the APA wasn't given enough money.

The rates of the current APA endorsed company were better for starting off psychiatrist compared to PRMS as of a few years ago but new companies have a habit of being very cheap at first and then when they get their customer base, shoving that base with higher fees.

I can't say which company is better because it's not like I see people being sued all the time and can ask them how their company handled it. What I can say is that as psychiatrist, you're likely better off with an insurance company that specializes in this area. PRMS had a Guttmacher Award winner on their list of people that assists in protecting from malpractice.

Thanks for the info whopper. I saw an ad for PRMS on the back of my psychiatric times and I will contact them. Makes sens about the psych thing.

 

[keep]

Thank you guys for the input. I am surprised to know that folks in our field know very little about malpractice coverage in terms of what they bought and what it is going to cover for them.

Per APA they no longer support PRMS because

'' PRMS was no longer willing to keep our program exclusive to our members. American Professional Agency, Inc. ("APA, Inc.") has committed to an exclusive program, which will ensure that the premium rates are based on our members' experiences and not impacted by non-member psychiatrists' claims. Most importantly, our new program administrator and insurer are providing a major upgrade to the coverage you need in today's complex environment. For example, the new program includes Fire Damage Legal Liability, Personal and Advertising Injury Coverage and HIPAA fines and penalties coverage at no additional charge. Also, there are no surcharges for filing a claim or board complaint (unless required by state regulations).''

http://www.google.com/url?sa=t&rct=j&q=prms%20apa&source=web&cd=4&ved=0CF0QFjAD&url=http%3A%2F%2Fwww.psych.org%2FFile%2520Library%2FJoin%2520and%2520Govern%2FFrequently-Asked-Questions-Regarding-the-New-APA-Medical-Malpractice-Program.pdf&ei=6QYxUPupF4L49QS4pYE4&usg=AFQjCNF6l6gAz_l-u-88zZwXKKa1BoUR7A&cad=rja


By reading all it looks APA Endorsed APA is better option. I am trying to find the coverage details of PRMS now and will see which is better.

 

[TexasPhysician]

Cost wise - this APA insurance is more expensive than my current company. Not by a lot, but still more expensive.

I highly doubt the APA switched to this new company due to offering other physicians coverage.

The American Professional Agency insures hypnotists, counselors, social workers, clergy, etc. It is not strictly psychiatry.

Due to insuring cheaper groups of people, I assume they have less money stashed away compared to other companies. I could be wrong, but doubtful. Less funds = more risk to you. If for some reason there is a huge increase in lawsuits, smaller companies are more likely to file for bankruptcy and run - leaving you with no coverage. Unlikely to happen, but again not impossible.

 

[keep]

Cost wise - this APA insurance is more expensive than my current company. Not by a lot, but still more expensive.

I highly doubt the APA switched to this new company due to offering other physicians coverage.

The American Professional Agency insures hypnotists, counselors, social workers, clergy, etc. It is not strictly psychiatry.

Due to insuring cheaper groups of people, I assume they have less money stashed away compared to other companies. I could be wrong, but doubtful. Less funds = more risk to you. If for some reason there is a huge increase in lawsuits, smaller companies are more likely to file for bankruptcy and run - leaving you with no coverage. Unlikely to happen, but again not impossible.

which company you use?

 

[TexasPhysician]

I use The Doctor's Company. It is the biggest in the medical arena, and it is not a for profit insurance company. When you retire, you get free tail coverage, and they pay you some of your money back. The idea is that doctors pay into a large pool that is used to defend us. After years of putting money into the pool, you get money back when you leave based on how well the fund has held up and the amount of money you paid into the fund.

As I understand it, profits don't go to any "owners" like other insurance companies because all that join become part owners at The Doctor's Company.

The rates were good in my area, and they don't escalate as fast as other companies.

I have no affiliation to the company other than purchasing malpractice insurance from them. I just like the way they do business.

 

[PikminOC]

My state wont let me get binding arbitration but i think its good to live in a state that allows it.

 

[keep]

I use The Doctor's Company. It is the biggest in the medical arena, and it is not a for profit insurance company. When you retire, you get free tail coverage, and they pay you some of your money back. The idea is that doctors pay into a large pool that is used to defend us. After years of putting money into the pool, you get money back when you leave based on how well the fund has held up and the amount of money you paid into the fund.

As I understand it, profits don't go to any "owners" like other insurance companies because all that join become part owners at The Doctor's Company.

The rates were good in my area, and they don't escalate as fast as other companies.

I have no affiliation to the company other than purchasing malpractice insurance from them. I just like the way they do business.

This looks very interesting. Trying to find the details of the coverage but so far could not find anything on online. For my state rates are same as APA. Called them last week to get the details of coverage but no luck so far.

 

[PikminOC]

I emailed PRMS and they haven't gotten back to me either.

 

[PikminOC]

My state has tort reform so they don't have consent to settle. But that is ok with me since everyone in the state has to get the same insurance.