PriMed Consulting - Medical Malpractice Insurance NY, NJ, WV

Who and What Does PRI Cover?

13, Jan Jan, 2015

Physicians Reciprocal Insurers or PRI, is the second largest malpractice insurance carrier in the state of New York. PRI has been serving the needs of NY healthcare providers and facilities for over 30 years.

Why PRI?

PRI serves the medical community throughout New York State and provides competitively priced malpractice insurance premiums to practicing physicians, chiropractors, and dentists. In addition, PRI also offers customized solutions for hospitals and various healthcare facilities.

PRI’s three main attributes are:

  • Comprehensive professional liability products
  • State of the art risk management support, and
  • Outstanding customer service.

Physicians Reciprocal Insurers works on the premise of aggressive claims management. In other words, physicians with coverage can expect to receive timely responses to their malpractice lawsuits. However, professionals cite that PRI’s greatest resource is its risk management program which includes online education, reference books, and discount incentives for completing risk management programs.

In addition to covering individuals, PRI also serves:

  • Hospitals
  • Medical Schools
  • Nursing homes
  • Medical Colleges
  • Other Medical Facilities

Competitive premiums:

The aggregate malpractice claims payout in New York was $677 million dollars in 2012 (Westgate, A. 2012). It is no wonder that NY physicians are looking for competitively priced malpractice insurance as the premiums have increased steadily over the years.

PRI offers competitive premiums and discounts for several specialties in NY. Besides competitive premiums, PRI also offers aggressive claims handling and risk management services that can help mitigate the claims losses experienced by physicians. PRI also offers locum tenens coverage.

Corporation coverage:

PRI also offers extra liability limits for Professional entities (such as PC, PLLC) at no additional charge, if all physicians in the group are insured by PRI. This is a tremendous benefit for practices of two or more physicians in NY.

Types of Coverage Offered:

PRI offers Occurrence policies, which provide coverage for claims that may arise from incidents which may have occurred while you had a policy in force, regardless of when a claim is reported, even if the policy is no longer in force. Thus, PRI’s Occurrence coverage provides long-term continuing protection for the physician. For example, if a malpractice claim is filed say five years after the incident occurred, and the physician or dentist was protected under a PRI Occurrence policy five years ago, PRI would provide coverage for any covered claims. Occurrence policies provide the value of long-term coverage over the years.

PRI also offers Claims-made policies. PRI’s Claims-made policies provide protection for claims that ‘arise and are reported’ while you have a policy in force. You are covered up to the policy limits in effect at the time the claim is reported. To be protected for any claims which are reported after the malpractice policy has been canceled, you must purchase ‘tail coverage’, (Extended Reporting Period endorsement), or obtain similar protection from a subsequent malpractice insurance carrier. A claims-made policy must continue in force to provide protection, or be replaced by tail coverage. When you elect to change claims-made carriers, ‘Prior Acts Coverage’ or ‘Nose’ coverage must be obtained to cover your exposure from your first day of claims made coverage. PRI also offers free tail coverage to physicians who satisfy the State requirements for free tail coverage.

Applying for Physicians Reciprocal Insurance

Physicians have to meet PRI’s underwriting criteria before being approved for coverage. If you need help with your malpractice insurance options, please contact PriMed Consulting, a leading malpractice insurance broker exclusively serving NY & NJ. 800.528.3758.

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