Introducing ACCOLADES From Physicians Insurance

The premier provider of medical professional liability insurance
for physicians and clinics in Washington, Oregon, and Idaho.

News & Insight

Introducing ACCOLADES and Other New Benefits for Our Physician Owners

October 2007
MESSAGE FROM THE PRESIDENT AND CEO
Mary-Lou A. Misrahy, CEO

We are very pleased to make this important announcement.

The ACCOLADES loss experience credit.

This new credit provides a significant reduction of premium for qualifying physician owners who have not had a recent indemnity payment greater than $50,000.* For many of you, the savings will begin with your renewal on January 1, 2008. The company’s staff and Board of Directors, along with other key physicians, worked together to create this premium credit in response to the feedback we received from insureds. We estimate 3,500 Physicians Insurance insureds will qualify, and savings will be as high as 20 percent, depending on the rating class and the years of coverage without indemnity paid. Our ACCOLADES loss experience credit is designed to reward our doctors who are practicing safe medicine now, while they are still working and need the savings the most.

To qualify for the ACCOLADES loss experience credit, an insured must meet the following requirements:

For current insureds, at least three full policy years with Physicians Insurance prior to the effective date of the policy term in which the credit will apply AND no indemnity claim payment greater than $50,000 during the qualifying period preceding the application of the credit
For new insureds, three years or more of prior acts coverage from Physicians Insurance and verified loss data demonstrating at least three years of coverage without paid indemnity greater than $50,000 in the prior acts period immediately preceding the Physicians Insurance policy effective date and no open claims with prior carrier

Unlike programs offered by other companies, defense costs—including allocated loss adjustment expenses (ALAE) and reserves—are not included when determining eligibility for the ACCOLADES loss experience credit. As a result, more physician owners can benefit from our savings program.

Insureds who are not eligible for the ACCOLADES loss experience credit include large physician groups who opt for our new retrospective rating program, volume-rated insureds, most mid-level provider insureds, and physicians written in a few special rated programs. While partnership and corporate policies will not participate in the ACCOLADES loss experience credit formula, they do have the opportunity for savings because their premium is based on the premium charged to physician owners.

Relativity Class Changes

Also to take place on January 1, 2008, the company will implement a relativity class change that will result in premium decreases for the following specialties: orthopedic surgery (no spine surgery), hand surgery, urologic surgery, and plastic surgery.

No Base Rate Increase

In addition, I am pleased to report there will be no base rate increase this year. Our last rate increase was in 2004.

All of us at Physicians Insurance are pleased to reward our physician owners who have not had a recent claim indemnity payment greater than $50,000, and we are continually working to increase the value that they receive with their policies. As an example, look for our new redesigned Web site in October featuring special members-only benefits—at www.phyins.com. To find out more about the new ACCOLADES loss
experience credit and the retrospective program, I encourage you to contact our Marketing Department at 1-800-962-1399 (Seattle) or 1-800-962-1398 (Spokane) or your broker.

* This number was changed, from $20,000 to $50,000, in 2008.


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