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Can Valiant Save You Money?

Valiant Insurance Group, Inc., a wholly-owned subsidiary of First Mercury Financial Corp., offers a range of property-and-casualty insurance products; medical malpractice insurance policies are administered by its Professional Liability division.

A.M. Best awarded Valiant a financial strength rating of “A” (Excellent) with a stable outlook. These positive financial ratings are based on robust capitalization and strong operating performance. Cunningham Group advises its clients to choose an A-rated professional liability insurer because a company with a low rating may be financially unstable, compromising its ability to pay future claims and maintain consistent coverage. A gap in coverage, even one caused by a carrier’s insolvency, can be problematic when obtaining med-mal insurance in the future. Exceptions to this A-rated recommendation are typically physicians who have unusual circumstances or who seek nontraditional coverage.

Valiant offers policies on a claims-made basis. A claims-made policy only covers claims that are filed during the policy’s effective period. This means that a physician who has been insured with a claims-made policy must maintain seamless and constant coverage, so that there is no period in which he or she would not be covered for a lawsuit. Even after retirement, physicians who were insured with a claims-made policy must obtain “tail coverage,” which protects them from any claims that may be filed after they have ceased to practice. Claims-made policies start out at a much lower premium than occurrence policies, and the rate increases annually until it reaches its “mature” status.

Valiant does not settle claims without the physician’s consent. Some insurance companies retain the right to settle a case on a physician’s behalf without his or her consent. Valiant’s “consent-to-settle” clause assuages its physician insured’s concern that the insurance company might have an incentive to settle a case in which a physician feels he or she is not liable, in order to avoid the cost of defense. Valiant policies also include separate limits for defense coverage that can be used to defend against licensing review, Medicare and Medicaid audits as well as other unexpected regulatory actions. The company offers a variety of ways for its insureds to earn discounts on their premiums. Valiant is a licensed and admitted carrier of medical malpractice insurance in 47 states.

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This write-up for Valiant was put together by Michael Matray, the Editor of the Medical Liability Monitor