Shoreline Medical Malpractice Insurance

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Information about Shoreline Medical Malpractice Insurance

Published on June 10, 2008

Author: dougthaler


Shoreline Physicians Liability Risk Retention Group : Shoreline Physicians Liability Risk Retention Group 2008 http// ( 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. Early termination of your current policy therefore would result in a 40-50% savings in year one. Can I Change To Shoreline RRG Coverage? Premium Model 1 : Premium Model 1 Refund for good Loss results Average time prior to payout 4.1yrs If you would like a FREE model done specifically for you or your group, fax all declaration pages to Fax: 908.325.0135 or email and we will fax or email a model & premium indication. Premium Model 2 : Premium Model 2 Refund for good Loss results Average time prior to payout 4.1yrs If you would like a FREE model done specifically for you or your group, fax all declaration pages to Fax: 908.325.0135 or email and we will fax or email a model & premium indication. Capital Contribution is protection for the captive against a loss and is required only once for the group. Premium Model 3 : Premium Model 3 Average time prior to payout 4.3yrs If you would like a FREE model done specifically for you or your group, fax all declaration pages to Fax:908.325.0135 or email and we will fax or email a model & premium indication. Refund for good Loss results A Capital Contribution is protection for the captive against a loss and is required only once for the entire group. Frequently Asked Questions : What is my risk? The Doctors Captive will receive 40-56.9% of the premium for 25% of the risk. With the national average payout of medical claims at 4.5years, your captive will have 4.5years of accumulation before you payout dollar one in loss dollars. What about legal? In almost all states legal is handled within the limits of the policy. The medical professional can also have the opportunity to participate in choosing their own qualified legal council. What about Tail? All of our policies include 2 years of tail coverage. What is the Capital Contribution? Each member physician will maintain a minimum of 25% of their limits covered from day one. Assuming $250,000/$750,000 policy will require $62,500.00 in capital contribution. A $1,000,000/$3,000,000 policy will require a $250,000 capital contribution. Shoreline can finance the capital contribution over 30 months or through an AIG life product. At the end of 30 months the capital contribution will be released to the doctors captive. Is your company rated? Our company Shoreline RRG is owned by the doctor owners. The reinsurance company contracted to handle the excess risk in Imagine re. They are an A rated reinsurance company with over $2.6 billion in assets. We have joint venture with AIG and First Insurance funding who have agreed to provide financing. Frequently Asked Questions Frequently Asked Questions : What is the application process? 1. Fill out the application on the site. http://www.shorelinerrg.org2. Copy of Curriculum Vitae.3. Copy of all loss run and National physicians database self query.4. Copy of declaration pages. We will generate a quote and financing options for you. What happens next? Shoreline will provide the premium indication and financing options. We will handle all of the underwriting and binding through Safecare Risk Management & Backus Payne respectively. Who do I contact if there is a claim? Contact your agent or Safecare Risk Management, LLC. Ph: 800.827.3035       . What is the Risk to my money? All accounts are owned by the physicians and monthly statements will come from JP Morgan Chase or the Bank of Butterfield in Bermuda. The risk to the medical professionals capital is contingent solely on the individual doctors losses. Can I save more than just my premium into my captive? Yes. Safecare has additional products that under an 831b structure can help you put away up to $1.2million annually in a favorable tax environment offshore where insurance premiums cannot be attached. Frequently Asked Questions 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). 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. 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. Your Service Providers Slide 15: 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. Jones Vargas : Nevada Counsel. 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. Shoreline Premium Financing 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// (800) 827-3035 Benefits of Shoreline Review

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