Coverys provides healthcare professional liability insurance plus innovative risk mitigation services to help you improve clinical, operational and financial outcomes by addressing the specific risks associated with medical professional liability claims.
A.M. Best Rating: A (Excellent)
Total Assets: $3.75 Billion
Position in Florida med mal market: Insures approximately 47,000 physicians in Florida
History and Description: Coverys Specialty Insurance Company is an excess and surplus carrier domiciled in New Jersey. It was created in 2015 to address emerging healthcare delivery exposures and trends with flexible speed to market insurance coverage.
Policy form: Claims-made, Modified Claims-made and Occurrence
Other comments: 45+ years of experience protecting and defending the healthcare community
Policy enhancements include:
Broad Definition of Insured – Shared coverage provided for all non-physician employees, students, and volunteers while acting within their scope of duties; separate limits offered for an additional premium.
Medical Corporations – Coverage included for solely owned professional medical corporations.
Locum Tenens Coverage – Available for temporary absences from professional practice up to a maximum of 90 days during a policy period.
Worldwide Coverage – Coverage applies for suits brought within the United States, its territories and possessions, or Canada.
Vicarious Liability Coverage – Provided for claims arising out of professional acts or omissions by someone for whom the policyholder is legally responsible.
Cyber Liability and Protection Plus Coverage – Coverage for data security and privacy incidents, regulatory or commercial payor audits, as well as electronic crime incidents. Coverage includes access to experienced attorneys and legal resources which specialize in handling such incidents throughout the claim lifecycle and also includes comprehensive risk management support. A $50,000 aggregate limit is provided at no extra cost with flexible, increased limit options available for an additional premium.
Extended Reporting Period Coverage – Free endorsement for an extended reporting period (also known as “tail” coverage) is available in the event of death, disability, and retirement; for a retirement tail, certain eligibility requirements may apply.
Professional Conduct Review Coverage – Provides reimbursement of up to $25,000 for legal defense costs for licensing board matters and associated investigation activities arising out of professional services rendered to a patient.
Sexual Misconduct Defense Coverage – Provides reimbursement of up to $100,000 for legal expenses required for defense of a suit or licensing board proceeding alleging actual or threatened sexual misconduct of a patient.
Allied Healthcare Providers – Nurse practitioners, physician assistants, and other medical employees can be added as insureds with separate limits of liability for additional premium.