The Doctors Company will make a number of changes to its Physicians, Surgeons, and Ancillary Healthcare Providers Professional Liability Program nationwide, with several changes aimed at written premium growth and market expansion.
Some changes will serve to clarify existing rules, such as the changes in language to its Suspension of Insurance rule. Other changes will have state-specific exceptions, such as in Georgia, where the Extended Reported Period rule will be broadened and clarified.
In Maine, this rule will be removed from its book, while base rates for specialty classes of endocrinology, non-invasive cardiology, and most notably infectious disease, among others, will be added to the carrier’s playbook.
Nationwide changes include the addition of a Vicarious Liability rule, renaming the rule for “Prep Discount” to “New to Practice” along with updating the policy language, the deletion of the Defense Within Limits of Liability Discount, and modifying the Deductible Discount rule to include a discount for Self-Insured Retention.
The carrier will also introduce a new rule for Experience Rating which will provide discounts to eligible insureds on a yearly basis, relative to claims history. These changes are pending various state approvals but are tentatively expected to go into effect on Jan. 1, 2021.
In total, these changes will likely serve to broaden the carrier’s appetite, while also allowing for more stringent underwriting of accounts with healthy claims histories, potentially increasing written premium while limiting overall exposure. While pricing within the medical professional liability segment has been on the uptick in 2020, expect creative discounting to continue in 2021, as competition shows no signs of slowing down, particularly as the COVID-19 pandemic rages on.
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