Louisiana Premier Physicians Program

Addressing the Challenges

admin — Thu, 12 Feb 2009 04:01:43 +0000

Physicians are finding it difficult to practice medicine in a litigious society. With increased risk of payments (regardless of fault) comes a market retreat of insurance providers. Consequently, the remaining market providers have little or no competition, resulting in a market with limited choice and low client satisfaction.

While other carriers have abandoned this market, LP3 is focused on offering Physicians a stable, predictable medical liability insurance plan. LP3 will be governed and managed by our Physician insureds, working with a company with unquestioned financial strength. LP3 must earn your trust by delivering satisfactory solutions based on the stated needs of our Physician policyholders. We intend to earn your trust and respect by satisfying Physician needs and by protecting the good reputations of our Premier Physicians.

We want to work together on critical issues, such as insurance, litigation management, public relations and legislation.

Coverage Options

drew — Fri, 09 Jan 2009 01:10:09 +0000

We offer our Physician policyholders claims made malpractice insurance, which provides coverage for all claims reported during the policy year, regardless of when the incident occurred. Prior Acts or “nose” coverage is included for our eligible insured Physicians, enabling them to avoid paying a “tail” to their previous carrier.

We are pleased to offer excess insurance with limits up to two million dollars to those Physicians who desire additional coverage above the PCF layer of $500,000.

Free “tail” coverage is provided to Physicians in our Program who meet eligibility requirements for death, disability or retirement.

Coverage described in this brochure is only applicable to medical incidents which take place in Louisiana. The product descriptions are not a complete description of all provisions, exclusions, terms and conditions in the policy. Policy terms may be changed by the insurer from time to time, and any descriptions contained herein are not intended to be relied upon by potential insureds. Brokers interested in any of the captioned products should request a specimen copy of the policy itself for the precise scope and limitations of coverage. Issuance of coverage is subject to underwriting standards.

Financial Strength

drew — Thu, 08 Jan 2009 01:02:00 +0000

The Premier Physicians Program is underwritten by one of the nation’s leading property and casualty insurers, which is part of one of the strongest and most stable insurance and financial services organizations in the world.
Risks placed with a surplus lines insurer must be placed in accordance with state surplus lines laws. Surplus lines insurers do not generally participate in State Guaranty Funds and, thus, insureds are not protected by such funds. The carrier’s insurance policy and certificates are fully reinsured by an affiliated entity of LP3. The surplus lines carrier provides no investment advice, counseling or services of any kind.

Investment and Management Philosophies

drew — Wed, 07 Jan 2009 01:11:36 +0000

LP3 will maintain a conservative investment strategy focused on long-term viability and fiscal integrity. The surplus lines carrier does not provide investment advice, counseling, or services of any kind. We understand the pressures faced by medical professionals; therefore, the Program’s Finance Committee, Claims Committee, and Underwriting Committee will be governed by a majority of Physician members. Our insurance program, managed by physicians, is committed to protect you.

Claims Management

drew — Tue, 06 Jan 2009 01:00:34 +0000

No Physician cares to think that he/she may need the expertise of our Claims personnel. However, when a claim is filed, Physicians want the best possible claims service. Because we recognize the emotional and professional consequences of a claim, we will help our Physicians remain informed and involved during all stages of their defense. Claims are investigated through statements, reviews by experts, research and other appropriate means. Our personnel are active claims managers and work in association with the insured Physician and defense counsel to reach an equitable resolution of claims and to enable our Physicians to concentrate on the delivery of Premier healthcare. We will utilize only experienced and successful legal counsel selected by our insured Physicians and approved by LP3. We expect them to respond with the quickness, interest and commitment of a best friend. After all, we are not merely defending a case, but the reputations and livelihoods of our Physicians. We must be fair and thorough in our investigation and claim management. Claims related services will be provided by an affiliated entity of LP3.

Risk Management Services

drew — Mon, 05 Jan 2009 01:13:08 +0000

No one wishes to be involved in a lawsuit or claim. LP3 implemented a proactive risk management plan to help our Physicians practice safely. Protecting Physicians from the anxiety, distraction and pain of medical malpractice claims requires compassion, strength and professionalism, as well as the active involvement of the Physician insureds. LP3 helps our Physicians understand the origins of malpractice claims and believes most can be prevented. We will gather Premier Physicians to identify, examine and correct critical problems in their respective specialties. We will scrutinize claims to discover and understand common factors, including procedures, techniques, instrumentation and drug protocols. We will coordinate risk management education on general and specialty-specific topics. In summary, we will help our Physicians: a) comprehend and practice risk management essentials; b) identify circumstances that may lead to claims events; c) develop systems to manage that risk; and d) reduce and/or eliminate the impact of financial or judicial losses when events do occur.

Underwriting Standards

drew — Sun, 04 Jan 2009 01:07:50 +0000

Highly selective underwriting criteria established by LP3 protect the interests of all Premier Physicians. Initially, the Program will insure only Louisiana physicians in Classes IV through VIII. We analyze a Physician’s claim history, geographic locality, years of experience, specialty and emerging trends affecting exposure in that specialty. Although our Program accepts only Physicians with favorable “track records”, we understand that every medical practice is unique and we must create custom-designed insurance solutions to accommodate unique situations.

Actuarial Principles

drew — Sat, 03 Jan 2009 00:58:30 +0000

By insuring only Premier Physicians with exemplary claims histories, LP3 Physicians will be grouped in a risk pool that will enjoy a significant, statistical advantage over the general population of physicians. LP3 Premier Physicians will not subsidize physicians with poor claims experience as found in the general insurance pool. We will provide professional liability insurance of the highest quality to our Premier Physicians, at the most reasonable cost.

Administrative and Ancillary Services

drew — Fri, 02 Jan 2009 01:08:57 +0000

In addition to expertise in risk management, quality assurance and claims handling, LP3 believes in an individualized approach to service. Our Physicians receive prompt and courteous attention from our agents, office personnel and experts. They experience live people offering personalized service. By building unique relationships with our Physicians, we can collectively attain our goals to overcome and change a clearly unfair medical liability compensation system.