Choices. Everyday we are confronted with choices, running the gamut from inconsequential ones to life altering. When it comes to the important decision of selecting a malpractice carrier, doctors frequently contact Dynamic Chiropractic for information or advice in this critical area.
In an effort to provide the most complete comparison possible of malpractice insurers for the chiropractic profession, Dynamic Chiropractic contacted 18 insurance carriers that have at one time or another offered a chiropractic malpractice policy. Of those, three letters were returned "undeliverable," and one company was in the midst of reworking their policies. Of the remaining 14, many were local companies that only offered policies in a few states.
Five national carriers chose to stand up to a comparison:
COMPANY
AM BEST RATING
# OF POLICYHOLDERS
STATES AVAILABLE
POLICY TYPES TOTAL RESERVES
LEGAL COSTS
# OF CHIROPRACTORS ON BOARD OF DIRECTORS
PREMIUM INCOME FROM CHIROPRACTIC POLICYHOLDERS
AIG
A++ (National Union Fire Insurance Company
500
All of U.S. except: AL, IN, KS, LA, MN, NY, VA, WA
claims-made; and occupance policies
Surplus: $7.2 Billion
Assets: $31 Billion
paid outside in addition to policy limits
None
Less than 1%
National Chiropractic Council
A- (Homestead)
Approximately 1000
AL, CA, FL, GA, MS, NM, UT
(to be added by summer 1996; AZ, WA, HI, and NY)
claims-made with occupance option
Surplus: $39 million
Reserve: $147 million paid inside the limit of insurance None 100%
National Chiropractic Mutual Insurance Company
A++
25,643
All 50 States
claims-made in California only; occupance available in all 50 states
Reserve: $169.5 million covered separate from coverage limits
Nine - entire Board is comprised of DCs
100%
OUM & Associates
A+ (Gulf Insurance Group)
4,300
All 50 states
claims-made and occupance policies
Surplus $230 million
defense and legal paid in addition to liability
None
25%
PI Omega Delta
A+ (United National Insurance Company)
1,595
California only
claims-made; with four-year extended reporting period
Surplus: Exceeds $160 million paid inside the limit of liability
No Board of Directors
100%
Ultimately, you will want to compare price, which of course varies not only between companies, but also between states. There are many considerations in choosing your malpractice protection. We hope this survey will help you choose.
