b'FOR YOUR PRACTICEIn the market for a new malpractice policy?Contributed by If you operate a group, or are part of a DSO, its common to shop for a new malpractice carrier periodically as the practice evolves. We thought we would put together some tips to consider as Shawn M Johnson, ChFC, CLU,you evaluate a move to a new carrier. (Keep in mind, many of the points we make here will apply CLTC to folks shopping for individual professional liability policies.)Vice President, Business DevelopmentWhat should you be thinking about if youre thinking about moving coverage to a new Treloar & Heisel, Inc.insurance carrier?CA Insurance Lic. # 0M88197 sjohnson@treloaronline.net Begin by assessing the strength of the insurer. Though this may appear obvious, youd be surprised at how many people neglect to learn more about the company that offers the insurance. Its easy to skip over this foundational step and quickly jump to comparing features, benefits, and price. Dont be tempted to shortcut because you may be overlooking important details. You should be comparing insurance companies based on their size, their financial ratings, how long they have been in business, and their history and success in representing the people they insure. In short, you want to select the coverage with the best value proposition, not necessarily the cheapest price.Larger companies that are financially sound may have more resources to fight claims. You want to select a company that wins way more cases than it loses. Many carriers publicly share information about the outcomes of cases brought against their insureds. If information is not available about the carriers percentage of claims closed without payment, trial win rate, or the win rate is not favorable, you may want to hit pause before moving Taking withdrawalsforward. Bottom line: work with a winner!Look for the consent clause. The consent clause will explain your rights in the event a claim is from your retirementbrought against you.Can the company decide if a claim against you should be settled, or do you have the final say in the matter? Different consent clauses give the insurer different amounts accounts duringof latitude in the determination of the outcome. Whats generally known as a pure consent clause means that the insurer will not settle a claim without the doctors written consent.Some market downturns cancompanies may not have pure consent, and if there is a disagreement about how to move forward they may take a case to an arbitrator for a final decision. Yet again, there are other significantly reduce theircompanies that may suggest a settlement amount. If you dont agree to settle and decide to take the case to court and lose, you pay anything over the amount that they were willing to settle for value over the long term. originally. Pure consent gives you the most control over the outcome, and pure consent is not a feature offered by every carrier. Read the fine print!Understand your policy types and know that with groups, things can get even more complicated.You may recall the two basic types of malpractice policies: occurrence and claims made. Occurrence policies protect the doctor for the duration of the policy, regardless AAP Periospectives| 26'