PRMS® Announces Enhanced Insurance Protection for Psychiatrists
ARLINGTON, Va., April 13, 2016 /PRNewswire/ -- Professional Risk Management Services, Inc. (PRMS) is pleased to announce substantial enhancements to its national program for psychiatrists.
According to Jackie Palumbo, Chief Underwriting Officer, "Our data show that psychiatrists are more likely to face a licensing board administrative proceeding than a malpractice lawsuit. For this reason, we have increased the protection for proceedings coverage to $150,000, which we believe is the highest in the market. Additionally, studies show that violence by patients against psychiatrists is more common than against other physicians. Our new assault coverage pays for expenses related to treating emotional distress, bodily injury and damage to property. We, of course, hope that our clients are never in need of these coverages or any of our other new policy features, but they can take comfort knowing that PRMS is there for them – and their practices."
The following new coverages and enhancements are included at no additional cost to policyholders.
New coverages and enhancements:
- Licensing board defense coverage increased to $150,000
- Coverage for expenses incurred due to assault by a patient up to $30,000
- Coverage of $50,000 for HIPAA defense, fines and penalties*
- Data breach coverage increased to $30,000 to cover costs associated with credit monitoring and professional services needed to notify patients
- Practice interruption coverage of $2,500
- Coverage of $25,000 for Medicare/Medicaid defense for investigation or civil proceeding
- Liability coverage of $150,000 for fire damage
- Coverage of $100,000 for medical payments incurred by a person with a bodily injury caused at the insured's premises
"We are committed to serving psychiatrists and utilizing our deep-rooted psychiatric expertise to deliver significant value beyond the insurance policy," said Stephen Sills, Chairman and CEO of PRMS. "Our dedicated team of experts is continually monitoring emerging issues and trends impacting the field of psychiatry, and it is through this effort that we are able to proactively broaden the features and benefits of our psychiatry-specific program."
For more information about all of the new product features and enhancements, please contact Jackie Palumbo, Chief Underwriting Officer, at (703) 907-3814 or [email protected].
About PRMS
Through The Psychiatrists' Program, PRMS has served the professional liability insurance needs of tens of thousands of psychiatrists for nearly 30 years with the most relevant and comprehensive insurance program available nationally. PRMS offers unique benefits beyond our specialized expertise in psychiatry, reinforcing the strength and stability of our business and our ability to be a true partner to the profession. PRMS is licensed to do business in all 50 states and the District of Columbia. Our services include in-house claims management, underwriting, policy management, marketing, sales, and risk management advice and education. The Program's insurance carrier is Fair American Insurance and Reinsurance Company (FAIRCO).
*Where allowed by law
Only the insurance policy can provide the actual terms, conditions, exclusions and limits of coverage. Availability of coverage referenced above depends on underwriting qualifications, state regulations and state approval.
SOURCE Professional Risk Management Services, Inc. (PRMS)
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