Professional Solutions Company Profile
Professional Solutions Insurance Company (PSIC) is a professional liability insurer that serves physicians, dentists and attorneys. Headquartered in Clive, Iowa, it is part of a family of businesses owned by NCMIC Group, Inc. Though PSIC was incorporated in Iowa in 2001, it is part of a larger group of companies that have been writing professional liability insurance for 60 years.
The independent credit rating agency A.M. Best has issued a rating of â€śAâ€ť (Excellent) for PSIC. This rating is based on financial strength and operating performance. These ratings are strong and make PSIC a secure choice for professional liability insurance. In most cases, we recommend choosing an A-rated insurance company like PSIC. A lower-rated company may be financially unstable, compromising its ability to pay future claims and maintain seamless coverage. A gap in coverage, even one caused by a carrierâ€™s insolvency, can be problematic when obtaining malpractice insurance in the future. Exceptions to this A-rated recommendation are typically physicians who have unusual circumstances or who seek nontraditional coverage.
In most states they write in, PSIC provides coverage on a claims-made basis. A claims-made policy covers claims filed during the policy period. This means that a physician who has been insured by a claims-made policy must maintain constant coverage, even after he or she has retired. This coverage into retirement is called a â€śtail.â€ť PSIC offers free tail coverage for death or disability at any time, or for retirement once a physician is at least 55 years old and has been insured by PSIC for at least five continuous years.
A consent-to-settle clause is an important consideration when choosing which company to go with. Some companies retain the legal right to settle a case on behalf of a client without his or her consent. PSIC policies include a consent-to-settle clause that ensures a case cannot be settled without the clientâ€™s consent. Many physicians prefer a policy with this type of clause, as insurance companies can sometimes be motivated to save money by settling a case rather than incur the expense of litigation, even when the physician believes he or she could win the case and clear his or her name.
PSIC offers a variety of ways for physicians to earn discounts on their policies. Remaining claims-free for a certain period can earn a premium discount, as can working part-time hours or being a physician recently out of residency. Discounts can also be earned through participating in the companyâ€™s risk management program. This includes online and physical CME seminars and classes, onsite assessments and consulting. This type of risk management discount program is typical of most malpractice insurers, and physicians are urged to participate in order to reduce both their premiums and liability exposure.
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This write-up for Professional Solutions was put together by Michael Matray, the Editor of the Medical Liability Monitor