The West Virginia Medical Insurance Agency. Your Practice, Your Future, Your Agency

Transcription

1 The West Virginia Medical Insurance Agency Your Practice, Your Future, Your Agency

2 The West Virginia Medical Insurance Agency: A Brief History

3 WVMIA: A Brief History Formed in 2004 A wholly owned subsidiary of the West Virginia State Medical Association (WVSMA) Dedicated to Serving Physicians Our Only Clients Are Physicians Quarterly Newsletter/ News Releases/Web-page at Representing Physicians in 39 Counties of West Virginia A One-Stop Insurance Shop for Physicians Attends Medical Society Component Meetings, Mutual CARE and CME Loss Control Presentations, Exhibits at Specialty Society Meetings Your Practice, Your Future, Your Agency

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6 Medical Professional Liability Insurance

7 Medical Professional Liability Insurance WVSMA endorses West Virginia Mutual Insurance Company (WVMIC); therefore, the Agency promotes WVMIC as the most viable source of MPL insurance for physicians in WV. WVMIC insures approximately 1,450 physicians 60% of market. WVMIC is A-(Excellent) rated by AM Best WVMIC has superior claims handling; quality risk management services, including state-of-the-art CARE program; and conservative underwriting. WVMIC established to meet the needs of WV physicians; managed with a physician focus. WVMIA also represents doctors insured with ProAssurance (formerly Medical Assurance of WV) and doctors not qualifying for the standard market. Your Practice, Your Future, Your Agency

8 WVMIA boasts of achieving premium reductions/cost savings for 40% of first year MPL clients (75% in 2011) How? (1) by evaluating each risk for proper classification, (2) by monitoring for claims free credits, (3) by achieving and maintaining CARE/RM premium credits (in 2011, 94% of business received at least 8% in premium credits average per physician 9.4%), (4) by providing no-fee-added premium financing at lower interest rates. Professional Assistance: Steve Brown Robin Saddoris Dave Mueller YOUR PRACTICE, YOUR FUTURE, YOUR AGENCY

9 West Virginia Mutual Insurance Company Receives Ratings From A.M. Best A.M. Best, the world s oldest and most authoritative insurance rating source today (12/22/2011) announced its ratings for the West Virginia Mutual Insurance Company. They are as follows: Financial Strength Issuer Credit Rating Outlook A- (Excellent) a- Stable A.M. Best stated these (R)atings reflect West Virginia Mutual Insurance Company s excellent capitalization, profitable underwriting and overall operating performance, as well as its strong market position in West Virginia as the leading writer of medical professional liability insurance to physicians in the state. It further indicated (t)hese positive factors primarily are derived from the company s strict underwriting discipline, conservative loss reserve position and knowledge of West Virginia, its core state. With reference to the recent (June 2011) WV Supreme Court of Appeals decision on the CAP case, A.M. Best indicated (t)he company s profitability also is a by-product of the state s favorable tort reform environment (including caps on non-economic damages) and the mature book it assumed through the novation from the West Virginia Board of Risk and Insurance Management (BRIM) when the company was first formed. A.M. Best made specific reference in its press release of the Mutual s assigned ratings, that the company enjoys the endorsement (of) the West Virginia State Medical Association. Evan Jenkins, Executive Director of the West Virginia State Medical Association stated we are proud of our relationship with the West Virginia Mutual Insurance Company and also very proud of this most recent accomplishment of the Mutual. The ratings by A.M. Best confirm the strength and capabilities of the Mutual. With sound risk management educational programs, effective claim history and quality underwriting to lead its way, the Mutual is the stabilizing influence in the West Virginia medical professional insurance marketplace and deserves the support of the physicians of West Virginia. Our congratulations to the Mutual s leadership and staff for their accomplishments and also to the physician policyholders (owners) who had the foresight and loyalty to envision a bright future for medical practices joining forces with the Mutual.

10 WV Mutual Announces Plans to Reduce Rates On Friday, August 26, 2011, David Rader, President of the West Virginia Mutual Insurance Company announced that the Mutual will file for a 5.0% rate reduction (total premium volume change) for new and renewal business effective January 1, This is great news for physicians insured by West Virginia largest medical liability insurance carrier and is further indication of an improved legal environment that is making medical liability insurance more affordable. The announcement came during this past weekend s annual WVSMA Healthcare Summit. Mr. Rader outlined the regulatory process the Mutual must follow this fall for submitting the request to cut premium rates during his remarks to the West Virginia Medical Insurance Agency s meeting at the Summit. Mr. Rader specifically referenced the Mutual s desire to maintain adequate rates while at the same time acknowledging the good claims history that justifies the lower rate. He also indicated that the Mutual plans to retain its current 12% renewal credit in 2012 which gives even greater premium rate relief for Mutual covered physicians who renew their policy next year. In today s market, loyalty is important and the Mutual appreciates those physicians who have chosen to maintain their coverage year-after-year with the physician-led company. This welcome news comes on the heals of the significant ruling from the State Supreme Court earlier this summer upholding the noneconomic damages cap on medical liability claims in the state. The cap is an integral part of the reforms passed by the West Virginia legislature in 2001 and 2003 to address skyrocketing premium rates physicians experienced a decade ago. For many physician classifications, the Mutual has reduced rates be as much as percent since For more information about the Mutual s proposed rate change and to determine how it will affect your premiums, please contact Steve Brown, Agency Manager of the West Virginia Medical Insurance Agency at ext 22 (locally at ext 22), by cell phone at , or by at steve@wvsma.com. The West Virginia Medical Insurance Agency is a wholly owned subsidiary of the West Virginia State Medical Association. The West Virginia Mutual Insurance Company is a Charleston headquartered physician-owned medical professional liability insurance company which offers specialized CARE/Risk Management and claims handling services to the policyholders/owners of the company. The Mutual was formed in 2004 to address the concern of West Virginia physicians over the availability of medical professional liability insurance.

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12 Business Owners Insurance (BOP)

13 Business Owners Insurance Can Include (but not limited to): Property Insurance: Building Valuable Papers Money & Securities Business Personal Property Equipment/Mechanical Breakdown Employee Dishonesty (including ERISA) Liability Insurance: General Liability Employment Practices Liability Products/Completed Operations Liability Primary Carrier: Average Savings with WVMIA: Professional Assistance: Equipment Accounts Receivables Appurtenant Structures Glass Business Interruption Spoilage/Medical Supplies Employee Benefits Liability Personal Advertising Injury Data Breach The Hartford Customized Insurance for Medical Offices 18.5% (or $327 on a $1,773 premium) Steve Brown Robin Saddoris Dave Mueller YOUR PRACTICE, YOUR FUTURE, YOUR AGENCY

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16 Workers Compensation Insurance

17 Workers Compensation Insurance (can include but not limited to): Workers Compensation WV Statutory Employers Liability Coverage WV Deliberate Intent Primary Carrier: Secondary Carrier: The Hartford BrickStreet Average Savings with WVMIA: 12.7% ($200 on a premium of $1,545) Professional Assistance: Robin Saddoris Steve Brown Dave Mueller Your Practice, Your Future, Your Agency

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19 Employee Group Benefits

20 Employee Group Benefits Group Health, Group Life, Group Dental, Group Disability, Group Vision Primary Carriers: Special Features: Professional Assistance: Highmark Blue Cross Blue Shield; Carelink; Health Plan; Assurant; MedBen; Starmark; VSP; Davis Vision; Delta Dental; 4Dent; Metlife; Dearborn National; Standard; UNUM Plan Design Employee Enrollment/Meetings Professional Advice Work Site Marketing (Employee Paid Benefits) John Snodgrass Your Practice, Your Future, Your Agency

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22 Disability Insurance

23 Disability Insurance Carrier (Preferred): Union Central Life Insurance Company 15% Premium Discount for WVSMA Members Special Features: Own Occ Definition Residual/Recovery Benefit Reliable Long-Term Provider of DI Overhead Expense Insurance Professional Assistance: Josh Wood Your Practice, Your Future, Your Agency

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25 How to become a Client

26 How to Become a Client of WVMIA (1) Insureds of WVMIC & ProAssurance may authorize these carriers to assign the agent s responsibility to WVMIA. (this is at no additional cost to the insured). (2) Non-Mutual insureds can apply for coverage through the Mutual by allowing WVMIA to represent them (complete application and submit to Mutual, etc.) (3) On coverage other than MPL, allow the WVMIA to present alternative quotes for BOPs/WC/Disability/Retirement 401K/Group Benefits Note: WVMIA is a wholly-owned owned subsidiary of the WVSMA, all commissions payable to WVMIA enhance, broaden, and support WVMSA activities in behalf of its membership.

27 WEST VIRGINIA MEDICAL INSURANCE AGENCY STAFF Steve Brown, Agency Manager Robin Saddoris, Account Manager Dave Mueller, Physician Services Specialist Josh Wood, Investment Professional John Snodgrass, Benefits Specialist Your Practice, Your Future, Your Agency

28 ACCEPTING NEW CLIENTS