Berkshire Hathaway subsidiary The Medical Protective Company will implement a rate increase to its Physicians & Surgeons and Allied Healthcare Providers programs. These rate changes will primarily impact the carrier’s Physicians & Surgeons book of business. MedPro is planning to implement an overall 3.0% rate increase to this program. The carrier is aiming to implement this rate hike in Tennessee with an effective date of June 1, 2021, for new and renewal business. This follows a minor rate hike of 0.50% implemented on June 1, 2020. This rate hike is primarily a result of changes to base rates and classification changes in its book of business. Most of these classification changes will involve shifting some classes, such Surgical Specialists in Ophthalmology, to different classifications, thus resulting in the subsequent rate hikes.
Expect rate hikes within this segment to continue steadily throughout 2021, with most carriers aiming to implement rate increases in the third and fourth quarters of this year. These hikes will primarily trend towards smaller, incremental spikes, with most expected to hit under the 10% mark, primarily due to the decrease in exposure as a result of COVID-19 limiting in-person patient visits, relying instead on telemedicine alternatives. Carriers to watch in this segment will include The Doctors Company, ProAssurance, MedPro, MAGMutual, NORCAL Mutual, ProSelect and ISMIE, among others.
MedPro will also introduce several new endorsements to its Comprehensive Liability Coverage for Health Care Providers product in South Carolina on April 1. The carrier will introduce 8 new endorsements to this product line. These endorsements will primarily be broadening in nature. Most of these endorsements will be available in both claims-made and occurrence variants, targeting both physicians and surgeons and allied healthcare lines. These new program enhancements will impact vicarious liability, departed insured entities, and rolling incurred but not reported. Among them includes, but not limited to:
- Vicarious Liability Endorsement, Corporations, Partnerships and Associations Professional Liability Insurance Agreement
- Rolling Incurred But Not Reported (IBNR) Endorsement
- Departed Insured Physician Endorsement
- Departed Insured Entity Endorsement
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