Shoreline 2008 Presentation

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Information about Shoreline 2008 Presentation
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Published on May 29, 2008

Author: dougthaler

Source: authorstream.com

Shoreline Physicians Liability Risk Retention Group : Shoreline Physicians Liability Risk Retention Group 2008 http//:www.Shorelinerrg.org (800) 827-3035 Slide 2: Take the number of years you have been in practice. Multiply by the amount that you have paid in premiums. Divide that by 2. How would you like to have that in your account today growing safely with interest? Example: $40,000 Premium x 10yrs in practice = $400,000 $400,000/2=$200,000 Multiply this by the number of physicians in your group Shoreline Physicians Liability RRG. : Shoreline is a risk retention group that allows medical professionals to retain up to 50% of their premium (for good loss results) in their own account—by assuming 25% of the risk—capped by known limits and with no exposure to the bad loss results of others. Shoreline Physicians Liability RRG. Benefits of Shoreline RRG : Shoreline’s Segregated Account Cell (SAC) structure protects you and your group practice from the liabilities of others in the RRG. Even within your practice the bad loss results of one physician will not affect the rates of other members of the group. A STATUTORY FIREWALL exists between you and others. Shoreline’s governing jurisdictions provide statutory protection for SAC deposits. (Insurance Reserves cannot be attached). All premiums and loss reserves will be in the medical professionals’ own accounts at JP Morgan Chase. Account statements will be provided directly to the account owners: the Shoreline policyholder. Benefits of Shoreline RRG Benefits of Shoreline RRG (continued) : Long term stable advantages vs. price-shopping year-after-year Member owners can withdraw funds from their SAC as capital gains / dividends Control of insurance costs, profits, and defense Asset protection and favorable tax treatment Ability to create and manage an 831(b) Captive Insurance Company (CIC); premium profits, up to $1.2 million annually, owned and controlled Shoreline is a federally-chartered insurance vehicle; domiciled and governed by the Nevada Department of Insurance Benefits of Shoreline RRG (continued) Benefits of Shoreline RRG Cont. : Legal fees are included in the policy limits. (per applicable state regulations) Ability to self-direct owned premium profits (accumulated loss reserves) Premiums based upon INDIVIDUAL loss history and PEER GROUP pricing versus traditional pricing based upon PEER GROUP losses Complete participation and control in defense of claims Favorable tax treatment of owned premium profits (loss reserves) Shoreline premiums very competitive with standard market rates A- / Excellent rated “reinsurance” through Imagine Re (Barbados / Ireland) for losses above the 25% retained per incident exposure Benefits of Shoreline RRG Cont. Shoreline Program : Insured’s SAC retains the first 25% of each per incident exposure. The SAC will act as the primary insurer responsible for the first dollars spent to resolve any claims made and owed by the insured. Shoreline reinsures the remaining policy limits exposures of 75% with A- Rated Imagine Re. In New Jersey the average delay between incident and payment is 4.3 years; in Florida it’s 4.1years. That’s five premium cycles of SAC deposit accumulation—plus compounded interest—identical to the way commercial insurers build their loss reserves. The difference: YOU OWN the loss reserves…not the commercial carrier! Shoreline Program Can I Change To Shoreline RRG Coverage? : Yes. Physicians may switch carriers mid-term. State laws limits cancellation costs in most states to 10% of the “unearned” premium, e.g., 90% of unearned premium is refunded. Assuming a savings of 50% in our program annually, your year 1 savings would average 40% of the premium for good loss results. Can I Change To Shoreline RRG Coverage? Case Study – Individual-If you would like a FREE model done specifically for you or your group, fax all declaration pages to Fax:908.325.0135 and we will fax or email back a model & premium indication . : Case Study – Individual-If you would like a FREE model done specifically for you or your group, fax all declaration pages to Fax:908.325.0135 and we will fax or email back a model & premium indication . Multiply this number by the number of members in your group. Your Service Providers : Shoreline Physicians Liablity RRG : Federally chartered and authorized by the Nevada Dept. of Insurance, Shoreline is owned by the physician policyholders. Risk Services LLC :The Nation’s largest RRG Management company. (Member of Board of Directors as well as a Principal, John Harkavy co-authored the Liability Risk Retention Act of 1986). Safecare Risk Management : Lead underwriter-With over 35 years of experience in underwriting, captive formation and insurance expertise. Milliman Inc : One of the nation’s largest actuarial and management consulting firms; over 850 professional personnel; 40+ offices worldwide. Giarmarco Mullins & Horton : Claims Handling – 60+ attorneys located in Troy MI; over three decades of medical-liability defense and medical practice consulting and legal services. Your Service Providers Slide 11: Shores Tagman & Company : CPA, Auditing and Tax. Founded in 1978, a full service firm dedicated to the insurance industry; expert witness and asset protection services. Jones Vargas : Nevada Counsel Imagine Re : A-/Excellent AMBest rated reinsurer, Imagine's principal risk bearing entities are Imagine Insurance Company Limited (Barbados) and Imagine International Reinsurance Ltd (Ireland). AIG : Whole Life, Premium Financing - the world's leading international insurance and financial services organization with operations in more than 130 countries and jurisdictions. American International Group, Inc. (AIG) : (NYSE: AIG; TYO: 8685) is a major American insurance corporation based in New York City. It has its European HQ in Croydon in London, England, UK and its Asian HQ in Hong Kong. AIG is the sixth-largest company in the world according to the 2007 Forbes Global 2000 list. Your Service Providers Cont. Shoreline Premium Financing : Shoreline offers several premium and expense financing options. A financing program can be tailored for a physician’s / group’s specific needs. In most cases no additional application is required. AIG and Shoreline have teamed up to create a premium financing vehicle that allows physicians to decrease annual out of pocket costs from 25-40% and retain all benefits of their captive with additional whole life protection. For a premium indication and financing options fill out one of the forms provided. www.shorelinerrg.org Shoreline Premium Financing Requirements For Membership : Current copy of each Physicians’ CV Copy of your current medical liability policy DECLARATIONS PAGE (not certificate of insurance). Copy of all “on hand” loss information: old loss runs, credentialing forms submitted to hospitals that include loss information, old medical liability insurance applications, letter(s) of dismissal / disposition Or a National Practitioner Data Base Self Query Report (good idea to review NPDB data regularly) With these documents we can issue an accurate premium indication. If acceptable we actively assist in the remaining application process. Complete premium and expense financing is available. Membership in Shoreline requires a one-time capital contribution equal to10% of Total Premium; 100% refundable upon terminating program participation. http//:www.Shorelinerrg.org (800) 827-3035 Requirements For Membership Benefits of Shoreline Review : Retain up to 50% of your Premium in loss reserves Favorable Tax Environment Wealth Accumulation Asset Protection Ability to Self-Direct your funds Ability to choose your legal council (if desired) Two years of tail included in your premium. “A- / Excellent” Rated Reinsurance option; “A” Rated premium financing. http//:www.Shorelinerrg.org (800) 827-3035 Benefits of Shoreline Review

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