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Professional liability insurance

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  • edmailer
    From: National Acupuncture and Oriental Medicine Alliance
    Message 1 of 865 , May 1 9:31 AM
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      From: National Acupuncture and Oriental Medicine
      Alliance<br><br><a href=http://www.acuall.org/insur1.htm target=new>http://www.acuall.org/insur1.htm</a><br><br>MALPRACTICE RATES PLUMMET<br><br>(The Forum, Spring
      2000)<br><br>Until recently prices for professional liability
      (malpractice) insurance ranged from $1200 to $1700 for $1
      million/$3 million coverage for practitioners with three
      years of practice. Since January first, rates have
      dropped dramatically. Some companies are now offering the
      same policy for just over $600. Others are reviewing
      their rates.<br><br>Ten years ago there were only one
      or two companies offering professional liability
      insurance. Today there are over half a dozen. The resulting
      competition, combined with the safety record of the field, has
      caused the rates to come down. <br><br>Darleen Bruno of
      P.D. & T. Insurance offers another explanation. "It is
      not a rate reduction. Instead, acupuncturists now
      have sufficient history to be given an 'experience
      credit'. An experience credit is calculated by looking at
      the total number of paid losses and open claims
      versus the premiums of the previous three years. Since
      the experience was good, a credit is given. However,
      this can fluctuate. If claims go up, the experience
      credit may be changed." <br><br>Judy Martin of the
      American Acupuncture Council noted the importance of
      carrying malpractice. "Practitioners should be aware that
      claimants are now going after future earnings, up to 10 or
      20 years. This means practitioners may pay several
      hundred dollars a month for that long. It is much better
      to have coverage than to pay that out of pocket."
      <br><br>When shopping for professional liability insurance,
      you should ask several questions in order to get the
      policy best suited to your needs. Ask about:
      <br><br>A.M. Best Rating: This rating is based on the
      management and financial strength of the company, quality of
      policies, etc. The highest rating is A++. <br><br>Licensed
      or Surplus Lines: A 'licensed' company has had its
      policies, applications and rates approved by the state and
      cannot make changes without approval. If the company
      goes bankrupt, the policies are guaranteed by the
      State Guarantee Fund. 'Surplus line' policies have not
      been reviewed and are not guaranteed by the state.
      <br><br>Consent Form or Arbitration: Ask if the company requires
      patients to sign a specific consent form or mandates that
      you agree to binding arbitration. Are you comfortable
      with these requirements? <br><br>Consent to Settle:
      Does the company require you to sign an agreement that
      allows the company to settle any lawsuit without
      consulting you or without your agreement?
      <br><br>Exclusions: Check the exclusions in the policy. Companies may
      exclude HIV or AIDS, obstetrics, direct moxa, services
      outside the scope of practice, treatment of animals,
      laser, etc. <br><br>Other coverage: Does the policy
      include general liability coverage, disability or other
      insurance? <br><br>Claims Made or Occurrence Based: Ask
      whether the policy covers claims filed during the
      coverage period or acts that occurred during the coverage
      period. If the latter and you have been in practice, you
      may wish to purchase 'prior acts' coverage.
      <br><br>Price: Find out the price for the first year, second
      year and third year. Often there is a sharp
      increase.<br><br>The reduction is great news for practitioners. So
      when you are looking for professional liability
      insurance, take the time to check with several companies,
      including: <br><br>Acupuncture Insurance Services
      800/860-8330 <br>American Acupuncture Council 800/838-0383
      <br>American Healthcare Alliance 888/774-2422<br>Eastern
      Special Risk 800/341-1110 <br>Hum Group
      716/633-3400<br>IMC 800/245-0023<br>P.D. & T. Insurance 800/334-1634
    • bob_and_robin
      Hi Bert, Yes acupuncture has been used for animals for years. I think
      Message 865 of 865 , Jan 31, 2002
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        Hi Bert,<br>Yes acupuncture has been used for
        animals for years. I think
        <a href=http://homepage.tinet.ie/~progers/study.htm target=new>http://homepage.tinet.ie/~progers/study.htm</a> may have some info about it. There are also a
        number of books on the subject check also
        www.redwingbooks.com or www.bluepoppy.com (hope those are right).
        Acupuncture is used in many operations in China. There are a
        few tests they run prior to cutting. About 50% can
        use it with success. It is also very good for post
        operative pain, such as tooth extraction. You may also find
        some other links at
        <a href=http://acupuncture.8k.com/acupvil.htm target=new>http://acupuncture.8k.com/acupvil.htm</a><br>this one is one of the best collections of links
        around.<br>Hope this helps,<br>Bob
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