Coverys company ProSelect Insurance Company will introduce new increased limit factors for its allied healthcare and dentist classes of business in Texas in the coming weeks. The carrier is prepping an effective date of these new limits for Feb. 1, 2021 in the Lone Star State, pending approval from state regulators.
Currently, ProSelect’s limits under its Allied Healthcare Providers Professional Liability offering start at $100,000/$300,000 and range up to $6 million/$8 million. The carrier is aiming to add a new limit tier of $500,000/$1.5 million, likely targeting current and potential insureds that wish for limit amounts between the carrier’s current amounts of $500,000/$1 million and $500,000/$2.5 million. Likewise, the carrier will also introduce this same new limit tier to its Dentists Professional Liability product. Currently, limit tiers of this product will start at $100,000/$300,000 and range up to $5 million/$7 million. This move signals that the carrier is likely targeting more smaller to mid-sized insureds needing more flexible limit demands.
This limit expansion is in keeping with Coverys’s geographic expansion of its dental product line, which is still on track for entry into California under ProSelect. Competition will continue to play a key role as the carrier assesses the market, with ProSelect’s newest dental offering developed after competitor CNA’s dental program in the Golden State. With profitability within these segments expected to be tight in 2021, watch for Coverys and other carriers in the allied and dental segments such as The Doctors Company, The Dentists Insurance Company, MedPro, Fortress, ISMIE Mutual, ProAssurance and others to be watchful of competitor moves in battleground states.
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