Q. What is a Consent-to-Settle Benefit and why is it so important?

A. Under a consent-to-settle benefit, no case is settled without your specific approval. This is an important feature in PSIC's Malpractice Insurance plan because it gives you every opportunity to clear your good name. If you want your day in court, we’ll stand by your side all the way to the conclusion of your case. 

Q. What is Claims-Made Coverage?

A.  Claims-Made Coverage provides coverage for injuries that occur and are reported in writing on or after the retroactive date of your policy, and before the policy expires, non-renews or is cancelled. Upon cancellation you have the option to purchase an Extended Reporting Endorsement, also known as Tail Coverage, which allows claims to be reported for an unlimited period of time provided the injury occurred on or after the retroactive date and before the policy expired, non-renewed or was cancelled. Please note Tail Coverage may not be available if your policy is cancelled due to non-payment of premium. During the first few years, claims-made policy rates are generally lower than occurrence policy rates. However, there is a yearly increase until the claims-made policy reaches maturity.

If you’re coming to PSIC from another carrier’s claims-made policy, ask about providing coverage back to your original claims-made retroactive date. This important feature gives you protection for claims that may eventually be filed as a result of incidents that occurred after your original retroactive date and prior to the effective date of your PSIC policy.

Q. How do I know if I qualify for a premium discount?

A. PSIC offers a very competitive discount program. To learn more about available discounts, visit the Premium Savings section of www.psicinsurance.com.

Q. What should I consider when working with an insurance agent?

A. PSIC has worked diligently to identify reputable agents for you to work directly with in your state. To review a list of agents who offer the PSIC Malpractice Program, click here. Additionally, here are items we recommend you consider when working with an agent. These are suggestions only.

• If you own a business, consider your insurance agent as a new business partner. For example, look for someone who understands your business, and the types of products and services you need.
• Gather referrals from associations or colleagues. An industry association is a good place to seek insurance help or guidance. Also look for agents at tradeshows.
• Check an agent’s credentials and experience. There are many industry designations that signify an agent’s level of expertise and demonstrate a strong professional commitment.
• Ask for references, and then call them.
• Contact your state’s Better Business Bureau for a list of insurance agents who have had complaints filed against them. Also use your state’s Department of Insurance to verify an agent’s license.
• One sign of a top-notch agent is whether he/she asks many questions concerning your business and insurance needs. He/She should also be able to carefully explain policy details, including limitations and exclusions.