What factors influence the cost of my insurance?
Many factors influence the cost of medical malpractice insurance, including:
- Practice Location
- Medical Specialty
- Procedures Performed
- Years in Practice
- Claims History
- Regulatory or Disciplinary Actions
- Applicable Discounts
Will you defend me for disciplinary proceedings?
Yes! Your PracticeProtection policy provides coverage for defense costs for many types of dental board claims related to patient bodily injury. Coverage for the defense of dental board claims will assist you in defending your license, and therefore, your livelihood.
How are legal costs and other claims expenses handled?
All legal costs and claims expenses are fully paid by PracticeProtection and are in addition to (outside of) the policy limit.
Do you defend frivolous claims?
Yes, aggressively! At PracticeProtection, we fully investigate and develop a litigation strategy for each new claim against one of our insureds within 90 – 120 days. With the full involvement of our insured, our highly experienced claims team will assemble a winning plan utilizing the best defense attorneys and clinical experts. If there is a clear problem with the clinical management of a claim, then early resolution will be the goal; but if the allegations of negligence are defensible, then we will provide an aggressive defense of the frivolous claim.
Do you offer coverage for my Locum Tenens practice?
Yes. If temporary coverage is needed for a dental professional providing substitute coverage for an insured, locum tenens coverage may be added to the insured’s policy by endorsement. Coverage for this rule is available for up to 90 days per policy year.
Could your policyholders be assessed?
No! While some companies may entice you with an unrealistically low rate and later “assess” you for more money, we do not and will not. The premium we charge for this year’s policy is the only premium that will ever be charged for that policy. Policyholders do not have any personal liability for losses incurred by our past claims.
How can I verify your licensure and financial information?
PracticeProtection Insurance Company (a Risk Retention Group) is licensed and regulated by the Vermont Department of Financial Regulation (“Vermont DFR”). To verify our licensure in Vermont, please go to the Vermont DFR website page: www.dfr.vermont.gov/sites/default/files/List%20of%20Captives.pdf In addition, PracticeProtection is registered as a Risk Retention Group with the insurance department of each state in which we operate.
PracticeProtection files quarterly and annual statements and other information to the National Association of Insurance Commissioners (NAIC). To view our filed financial statements and other information, please go to the NAIC website company search page: https://eapps.naic.org/cis
What is the difference between a claims-made policy and an occurrence policy?
Claims-made policy coverage responds when claims are made against a current insured of the company. Occurrence policy coverage responds for claims that occur during a certain policy period, regardless of when the claim was made.
Is PracticeProtection the best partner for me?
We think so! PracticeProtection provides comprehensive malpractice insurance coverage – with significant savings because of our direct business model.
What makes PracticeProtection different from other carriers?
PracticeProtection provides its coverage directly to dental professionals – which gives us the opportunity to have a direct relationships with our members. This model eliminates the runaround and in turn provides you with superior services by providing direct access to risk managers, claims experts and account executives who can get your questions or issues resolved.
Can I get a quote from PracticeProtection through my insurance agent/broker?
No. The only way in which you will be able to get a quote from PracticeProtection is directly from us. We do not use independent agents/brokers; and they do not have access to sell our insurance policies.
Your quote is much less than my current premium. Are you just trying to get me to switch, only to raise my rates next year?
No. This is not a bait-and-switch scheme. Our insurance rates are actuarially sound and are closely monitored by our experienced insurance professionals as well as periodic reviews by our independent actuary and our reinsurance partners. Your competitive rate from PracticeProtection is a result of our direct distribution model and our fair assessment of your risk. Our company’s profitability is a result of strict underwriting – only choosing the best risks combined with aggressive and prudent claims management.
Do you cover “prior acts”?
Yes. PracticeProtection commonly provides “prior acts coverage”. With prior acts coverage we cover all incidents that occur after your retroactive date and that are reported to us while your policy is in force.
Do you provide “tail” coverage?
Yes. PracticeProtection Insurance offers an “Extended Reporting Period Endorsement”, which is commonly referred to as “tail” coverage. If this coverage is in place, then all claims that occurred after your retroactive date are covered, regardless of when the claim is reported to us.
Do you offer free tail coverage?
Yes. There is no charge for an Extended Reporting Period Endorsement should any of the following events occur while the insured is actively insured with us
- Death of the insured
- Insured is unable to continue to practice due to total and permanent disability
- Insured retires from practice at any age and has been continuously insured for a period of time.
When might I be forced to purchase tail coverage?
The most common reason requiring you to purchase tail coverage is when you join or leave a group. Many group contracts demand that when you join the group, you do so without any prior-acts exposure; which means you must buy a tail policy from the existing carrier if you want your prior coverage to remain in place. Conversely, if you leave a group you are often required to purchase a tail policy from the group’s insurer to satisfy the group’s concern about completing your coverage during the time you were practicing with them.
I want to be insured with PracticeProtection, but my renewal isn’t for another 6 months. Can I switch now? Or, do I have to wait until my renewal date?
Switch now! It is called a “mid-term switch” and our customers do it all the time! In fact, you will probably see significant savings immediately rather than waiting.
Who Owns PracticeProtection Insurance Company?
PracticeProtection Insurance Company is owned by its insured members. PracticeProtection is managed with a long-term perspective with focus on:
- Providing the highest quality customer service in the industry.
- Aggressive defense of non-meritorious lawsuits.
- A steadfast commitment to the financial strength of our company.
- Stringent underwriting and vigorous selection of only the finest dental professionals
We focus on the needs of our members rather than those of Wall Street investors and analysts.