anasorfali,%msc,%dabr,%dabmp,%mccpm september%26 th,2015chapter.aapm.org/pennohio/2016/sa02...
TRANSCRIPT
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Anas Orfali, MSc, DABR, DABMP, MCCPM
2015 Penn-Ohio Fall Symposium, Cleveland, OHSeptember 26th, 2015
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• Speaker is NOT a licensed insurance professional
• Speaker is NOT promoting or selling any insurance product or service
• Speaker is a clinical medical physicist
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• Speaker is a volunteer member of AAPM’s Insurance Subcommittee, which helps in managing a number of endorsed insurance products, including the Professional Liability Insurance (PLI) through Mercer Consumer.
• The AAPM receives royalties from the sale of endorsed insurance products.
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• Explain AAPM’s Role in operating the Professional Liability Insurance Program
• Review of the PLI program offered to AAPM members
• Identify the difference between Occurrence form and Claims-made form
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• 1979 – 1981 active solicitation of PLI proposals
• 1981 – 1985 PLI program with St. Paul Insurance Co.
• 1986 – 1993 multiple efforts on many fronts to re-establish a PLI program.
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• 1993 – present PLI program restarted with– A. H. Wohler as broker/plan administrator – Tailored the policy language for the medical physics profession– 1997 A. H. Wohler joins Marsh and McLennan as subsidiary– 2011 Insurance Carrier change: Chicago Insurance Company to
Liberty Insurance– 2014 Name change: Marsh US Consumer to Mercer Consumer
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• Insurance Subcommittee– Committee Chair– Committee Vice Chair– 7 members, 1 consultant
• Professional Council– Professional Services Committee
– Insurance Subcommittee
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• Explain AAPM’s Role in operating the Professional Liability Insurance Program
• Review of the PLI program offered to AAPM members
• Identify the difference between Occurrence form and Claims-made form
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• Coverage by contract, where one party undertakes to indemnify another, against loss by a specified contingency or peril
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Risk
• Sick or Injured• Damaged Vehicle• Error or Omission in Professional Practice
• Injured in a Car accident
Tool
• Health Insurance• Automobile Insurance• Professional Liability Insurance
• Health, Auto, Both?
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• Examples: – Automobile Insurance – Commercial General Liability Insurance– Employers’ Liability Insurance– etc.
– Professional Liability Insurance
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• Indemnifies the insured against legal liability to a third party arising out of:– Bodily Injury, – Personal Injury, or – Property Damage to the third party.
• Indemnify = secure against loss• “Third Party” insurance
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• Insured– Available to AAPM members only (student, associate and
corresponding members not eligible).
• Coverage– Covered Incident– Coverage Limit– Policy Period
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• Insured– Individual
• Employed Non-consulting• Self Employed consulting
‒ Full time‒ Part time
‒ Business• Sole Proprietorship – Owner• Partnership – Active Partners• Other – Active Owners and Officers• Can include
‒ Physicist Employees‒ Other professional employees
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• Coverage: claims for an Incident that resulted in:– Bodily Injury– Personal Injury– Property Damage
• Incident: any act or omission in the rendering of (or failure to render) services by the insured in the conduct of the professional occupation
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• Coverage Limits: $X / $Y– $X = limit for each Incident.– $Y = total aggregate limit for all damages.
– Property Damage endorsement limit.
• Policy Period:– Claims-made form.
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• Explain AAPM’s Role in operating the Professional Liability Insurance Program
• Review of the PLI program offered to AAPM members
• Identify the difference between Occurrence form and Claims-made form
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• Covers liability claims that are made during the policy period for covered incidents that occur on or after the policy effective date (prior acts date – for tail coverage) AND BEFORE THE END OF THE POLICY PERIOD.
• Highly sensitive to both:– When the incident occurs– When the claim is made
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• Covers liability claims that are made for covered incidents that occur during the policy period -REGARDLESS OF WHEN THE CLAIM IS MADE.
• Highly sensitive to:– When the incident occurs
• Completely insensitive to:– When the claim is made
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Policy Start Date
Policy EndDate
IncidentDate
Scenario #1: Covered under both
Claims-‐Made and Occurrence Form
ClaimDate
ClaimDate
Scenario #2:Covered under Occurrence Form ONLY
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Policy Start Date
Policy EndDate
Retirement
IncidentDate
Continuous Coverage After Retirement/Policy End Date
ClaimDate
Extended Reporting Period
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Change Policy Date
Policy EndDate
IncidentDate
Continuous Coverage When Changing Policies
ClaimDate
Effective Policy Start DateIn the Past
TAIL/PRIOR ACTS COVERAGE
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• PLI Losses tend to be large and infrequent.
• Claims are often filed and settled many years after the incident on which the claim is based.
• Challenge – confirmation of proper policy underwriting and pricing is a long multi-year process.
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• Mercer Consumer:– www.personal-plans.com/aapm/– 800-765-9408
• Presentations by David Jordan – AAPM Virtual Library.– Session: Professional Liability and Risk Management in Medical
Physics Practice.– 2013 AAPM Spring Clinical meeting.– 2013 AAPM Annual Meeting.
• AAPM Newsletter Article – July/August 2015– Professional vs. Commercial General Liability Insurance.
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• David Jordan• William Roventine• Marcia Velting
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