Physician practice administrators work closely with the physicians of a medical practice or group developing business strategies, formulating budgets and dealing with daily operations. They are in charge of making sure the practice is running smoothly and successfully while also working to expand the business. Dealing with your physician’s malpractice insurance is key to controlling expenses and knowing coverage will respond at the most important time…when it is needed.
In today’s business environment, there are many physicians and mid-level providers who are part of a group practice (i.e. PC, LLC, PLLC) operating independently or who are part of a practice owned by a hospital. In such cases, the providers often prefer not to have direct involvement in the administrative process surrounding their malpractice insurance. PKA offers an option which enables a physician or mid-level provider to designate a third party to act as Policy Administrator and to handle their malpractice insurance needs. The term Policy Administrator refers to an individual or organization appointed to act as the insured’s agent. The role of the Policy Administrator was created specifically for those situations in which a third party is not only paying premiums, but is also managing the policy.
Some of the reasons why an organization or hospital would want to designate the Practice Administrator as Policy Administrator are:
The Policy Administrator can request changes to the policy, including cancellation thereof, and receive copies of all documented transactions directly.
The Policy Administrator, although responsible for premium payment, is also entitled to receive any return premiums or dividends payable, when applicable.
The Policy Administrator is automatically notified if an insured cancels his/her policy directly – cancellation notices and extended reporting endorsements are sent to both the current Policy Administrator and the insured.
By designating a Policy Administrator, an insured gives PKA permission to release information about his/her coverage, which facilitates the Policy Administrator’s ability to obtain information for credentialing/recredentialing purposes, request certificates of insurance, or to discuss other policy-related issues directly with PKA staff.
“How high will my medical malpractice rates go?”
That’s the question New York practice administrators have been asking for years. Paris Kirwan is your Choice for malpractice insurance – stable, competitively priced coverage you can count on. We provide malpractice insurance that covers not just physicians but also the administrators that support them. Through selective underwriting, professional risk management, and aggressive defense of unfair claims, we offer affordable coverage that you can’t get in the traditional market. Paris Kirwan can start SAVING you money today on your medical malpractice Insurance.
Malpractice Coverage Highlights
- Occurrence, Claims Made
- Prior Insurance Acts Coverage Available
- Optional Entity, Physician Extenders and Employee Coverage
- Defense for Disciplinary Hearings (Up to $100,000 as a Sublimit of the Policy Aggregate)
- Defense for Allegations of Sexual Abuse
- Consent to Settle in Favor of the Physician
- Easy Application Process – We will accept other companies malpractice insurance applications
- A.M. Best “A” Rated Lloyds of London Reinsurance
- Credits available for Loss Free Claims History, Part Time, New Practice, Risk Management Credit Expert Legal Panel
- Free UNLIMITED Tail For Death, Disability and Retirement
Ready to get started? Email or call 1-800-724-2627 today to learn how PKA can start saving you up to 30% on your medical malpractice insurance!