2021 Annual Report

I am pleased to post this 2021 year-end review to keep our policyholders informed about our activities, insurance programs, and plans going forward. We hope you will take a moment to read this brief summary.

  • Virtual Webinar Series – The Trust continues to grow its library of live and on-demand webinars which are available free of charge to policyholders. This series was first developed in response to the COVID-19 pandemic to support clinicians. Due to the overwhelmingly positive feedback, the series has grown to be an excellent resource for psychologists covering various topics – from telehealth and risk management to societal issues and clinician self-care.

    As of the end of 2021, we held 4 Risk Management Roundtables, 4 Telehealth Community Chats, 4 We Hold These Truths webinars, and a 2-part series on clinician self-care. These presentations were free to Trust policyholders and provided 1-3 hours of CE. All events were also recorded and made available on The Trust's website. These programs have been very successful, highly rated, and reach thousands of psychologists. To view them on-demand or to register for a future live webinar, please visit https://parma.trustinsurance.com/Workshops-Webinars/Virtual-Webinar-Series.
     
    • Risk Management Roundtables – The Risk Management Roundtables consist of several Trust Risk Management Consultants discussing and advising about ethical and risk management issues. Participants are encouraged to raise their own questions and concerns for discussion.
    • Telehealth Community Chats – Telehealth Community Chats are presented by Trust Telehealth Consultants, Dr. Margo Adams Larsen and Dr. Sara Smucker Barnwell. The Chats focus on the practical “how to” questions related to telehealth, and span themes such as clinical practice, ethical considerations, technical considerations, and risk management.
    • We Hold These Truths – This series examines how societal issues, including racial injustice, movements for racial equity, health disparities, and adverse experiences due to systemic racism, have historically impacted communities of color. Our panel of experts offer perspectives on how the field of psychology has traditionally addressed these issues and discuss how the rise of the social justice movement has impacted psychology's current response to these issues.
    • Turning Toward Ourselves and Each Other: The Pivotal Nature of Clinician Self-Care – This 2-part, 6-hour long series looks directly at the clinician experience and focuses on the pivotal role of clinician self-care in our effort to help clients – and ourselves – adapt and cope during these difficult times. Part 1 examines self-care in detail – what it is and how it is essential to mental health treatment of all kinds, while Part 2 focuses more specifically on how clinicians can restore and sustain their own well-being.
  • Workshops & Webinars – The Trust continues to partner with organizations and experts to cover topics that matter to psychologists. To view the library of workshops and webinars, please visit https://parma.trustinsurance.com/Workshops-Webinars.
     
    • Compassion and Equanimity as Skills for Surviving and Thriving when School and Career are an Uphill Climb – Presented by Dr. Lisa Cromer, this webinar focused on compassion as a specific form of mindfulness. Examples demonstrated how to use compassion and equanimity in graduate school and during one’s early professional career. This approach can be useful for mentors, clinicians, and anyone wanting to learn about mindful approaches for resilience and resistance to adversity.
    • The Flourishing Psychologist: Sleep-Care for Self-Care – Presented by Dr. Lisa Cromer, this webinar was designed with the premise that if we are to meet our ethical obligation to maintain competence, and if we envision a world in which clinicians and trainees are thriving, we will embed sleep-care into our daily practices.
    • Helping Youth Through the Holidays: Mitigating Adversity and Minimizing Stress – Presented by Dr. Lisa Cromer, this webinar presented strategies from studies focused on preventative interventions for helping youth with transitions. Strategies from an attachment parenting program are presented for helping younger children with holiday stress, and for adolescents and emerging adults, strategies from a resilience-building program are offered.
  • COVID-19 Resources for Practitioners – In our continued effort to support clinical psychologists during these challenging times, we created a page on The Trust's website dedicated to providing resources to clinicians. These resources include downloadable practice sample informed consent forms, multiple helpful FAQs, a list of links to our partners' pages, and a compilation of relevant on-demand webinars. To view and access these resources, please visit https://parma.trustinsurance.com/Resource-Center/COVID-19-Resources.
  • Document Library & Quick Guides – The Trust continues to develop free documents, including sample contracts, FAQs, and informed consent forms, designed for psychologists in practice. In addition, we have documents and consent forms available in Spanish for practitioners. Recently added quick guides include information on the HIPAA Privacy Rule’s Patient Right of Access Provision and the HIPAA Security Rule. For access to these resources, visit https://parma.trustinsurance.com/Resource-Center/Document-Library-Quick-Guides.
  • Continued Support of SPTAs – The Trust continues its commitment to our valued State, Provincial and Territorial Psychological Associations (SPTAs). This partnership provides support for SPTAs, including the 48 that endorse The Trust.
     
    • Workshops – In conjunction with the state psychological associations, The Trust presented nearly 50 webinars through 2021, 24 of which were 6-hour continuing education workshops conducted by Trust Risk Management Consultants (known as The Trust Advocates) who are licensed psychologists with extensive legal, ethical and risk management expertise. The workshops offered CE credits for all psychologists and insurance premium discounts for those insured through The Trust Sponsored Professional Liability Insurance Program.
    • SPTA Executive Director Training – The Trust SPTA Advisory Council developed helpful resources for SPTAs and launched its first webinars in early 2021 that covered D & O insurance and marketing. These webinars were open to Executive Directors, officers, and their staff.

These are just the highlights! Please read the entire report for more detailed information about our many accomplishments in 2021. Thank you for being a part of The Trust Community. We continue to ensure that our motto, “For Psychologists, By Psychologists” resonates in everything we do. And remember, we're more than just insurance!

Best Regards,
Jana N. Martin, Ph.D.
Chief Executive Officer
The Trust

The Trust and Trust Risk Management Services

The Trust remains a leading provider of insurance and risk management programs for psychologists, psychology students, and related individuals in the United States and continued to show growth in 2021. Our insurance programs include The Trust Sponsored Professional Liability Program and Business Office Insurance; financial security programs offering Life, Disability, Office Overhead, and Auto and Home Insurance; and other programs offering Long Term Care Insurance and Retirement Planning Services. Its risk management programs include the Advocate 800 Program’s consultation service, Ethics and Risk Management Continuing Education Workshops and Webinars, and independent learning publications.

The Trust’s Board of Trustees is composed of psychologists with strong ethics, practice, and business backgrounds, along with insurance industry professionals with expertise in malpractice, property and casualty, personal, and other lines of insurance protection. The psychologists are attuned to the discipline and profession; the insurance experts help design coverage that is innovative and broad; and all Trustees and staff work to keep The Trust’s insurance plans financially strong and competitive.

2021 Trustees
Jana N. Martin, Ph.D., CEO
Page B. Walley, Ph.D., Chair
Stephen E. Young, Vice Chair
Katherine C. Nordal, Ph.D., Member at Large

Josephine D. Johnson, Ph.D.
Fred Millán, Ph.D., ABPP, NCC
Gilbert H. Newman, Ph.D.
John P. Petrila, J.D.
Deborah K. Ropelewski, CPCU, AU, Are
Sara Smucker Barnwell, Ph.D.
Lori C. Thomas, J.D., Ph.D.

The Trust works with highly rated insurance companies to underwrite its insurance programs. The Trust Sponsored Professional Liability, Business Office and Cyber Enterprise Insurance Programs are underwritten by ACE American Insurance Company. In 2016, ACE acquired Chubb, creating the world’s largest publicly traded property and casualty insurance company, and adopted the Chubb name. The suite of financial security programs offering Group Term Life, Income Protection (Disability) and Office Overhead is underwritten by Lincoln Financial Group; Auto, Home and Renters Insurance is underwritten by Liberty Mutual; Long Term Care Insurance is brokered through Burling Insurance Group; and Retirement Planning Services are provided by UBS.

The Trust’s subsidiary, Trust Risk Management Services, Inc. (TRMS), acts as Broker and Administrator for The Trust’s Professional Liability, Business Office, and Directors and Officers lines of insurance. Brokerage and administration services include policy underwriting, issuance, and lifecycle management; customer service; and technical services. TRMS is fully licensed to do business in all jurisdictions.

2021 Focal Points

  • Partnerships and Business Relationships – The Trust believes in the value of partnerships and business agreements which benefit policyholders, psychologists, and the profession at large. We have several such relationships with institutions and organizations representing psychologists, including the following:
     
    • State, Provincial and Territorial Psychological Associations (SPTAs) – 48 SPTAs endorse The Trust as the preferred provider of insurance and risk management products. The Trust provides financial and material support in a variety of ways, including support for meetings and events, membership recruitment and retention, and ethics continuing education.
    • The National Register of Health Service Psychologists – Our strong partnership with the National Register of Health Service Psychologists provides outstanding educational opportunities for practicing psychologists. The collaboration has led to the development of many popular and successful joint webinars. We also have partnered on other projects aimed at enhancing risk management and clinical skills, like the National Practice Conference (NPC) and the Telepsychology Training Credential (TCC).
    • The Association of Black Psychologists (ABPsi) – Our new partnership with ABPsi brings attention to our members of the many resources we provide. The collaboration focuses on creating additional resources, workshops and webinars that support our members’ practice.
    • The American Board of Professional Psychology (ABPP) – Our new partnership with ABPP brings attention to our members of the many resources we provide. ABPP members are offered a savings of 25% when they switch their insurance policy with The Trust.
    • Other partnership and business relationships include Triad Behavioral Health, The American Academy of Pediatric Neuropsychology, and The National Council of Schools & Programs of Professional Psychology (NCSPP), and the National Association of Graduate-Professional Students (NAGPS).
  • The Trust Advisor Newsletter – The Trust continues to provide its newsletter as part of our continued support and dedication to our policyholders and the profession of psychology. Each issue explores developments within the industry, highlights various upcoming events, provides details on matters pertinent to students and early career psychologists, delivers information about our valuable partners, and much more. To download the latest copy, please visit https://parma.trustinsurance.com/Resource-Center/Newsletter.
  • Sharing the program’s success with policyholders – The Trust has a fiduciary and ethical responsibility to ensure that its programs and those of its insurance and financial security partners remain strong and competitive over the long term. The Trust also believes that investing revenues in programs that protect, educate and reward policyholders beyond basic insurance coverage is of critical importance. The Trust supports these programs in several ways. These include:
     
    • Advocate 800 Program – The Trust continues to make available confidential phone consultations with The Trust Advocates. This service is provided free of charge to those insured through The Trust Sponsored Professional Liability Insurance Program, and it has proved to be an invaluable risk management tool for thousands of policyholders. Our program stands out from others by providing consultants who are psychologists, many of whom have law degrees or specialties in forensic practice.
    • Longevity Rewards – Determined by the Trustees on an annual basis, The Trust has mailed a longevity reward to individuals and groups insured for more than five continuous years through The Trust Sponsored Professional Liability Program.

We value our policyholders and are committed to creating and implementing new opportunities for psychologists to be protected and supported through enhanced service provisions, relevant educational resources and consultations, and new financial security products.

Many of our fine programs and projects will expand and continue in the coming years. Here’s a preview of some new events coming in 2022:

  • Telepsychology Competencies Credential (TCC) – TCC is an educational platform we developed with our partners, the National Register, that enables providers to achieve proficiency in the most common elements of telepsychological practice. From the basics of secure, HIPAA compliant internet usage to advanced topics on telepsychological service provision to high risk and other special populations, the Telepsychology Competencies Credential (TCC) is designed to equip those beginning telepsychological practice with a necessary foundation for safe and effective practice, while also supplementing the knowledge for more experienced providers of telepsychological services.

    To get your TCC, simply complete the required number of core and elective units. Those completing the TCC coursework and passing the appropriate exams can earn a minimum of 22 CE hours, and because you can choose to view all elective content, you may receive substantially more continuing educational credit for no additional cost (41 CE hours maximum)! The cost of the TCC is only $350. Trust policyholders and National Register members receive a special price of $250 for the entire series – a $100 savings from the non-insured/member rate! For more information, visit https://parma.trustinsurance.com/Independent-Learning/Telepsychology-Competencies-Credential.
  • Risk Management Training Curriculum – We recently developed a 7-part Risk Management Training Curriculum to help fill in the gaps of what is learned in the classroom and complement what is taught to help demystify the challenging areas that often come up for new psychologists. Complimentary access to this valuable resource is included with every student and pre-licensure liability insurance policy upon request. This curriculum is also available free of charge to educators to incorporate into their clinical programs. For more information, visit . https://parma.trustinsurance.com/Independent-Learning.
  • Leadership Development Academy (LDA) pilot – The Trust SPTA Committee is creating a Leadership Development Academy (LDA) pilot program. The program will include webinars on Leadership and a guide for developing and implementing an LDA in any state and will include resources such as templates and guidelines for individual SPTAs to tailor their own programs.
  • New Partnership with the American Board of Professional Psychology (ABPP) – Our new partnership with ABPP brings attention to our members of the many resources we provide. ABPP members are offered a savings of 25% when they switch their insurance policy with The Trust.
  • No Surprises Act (NSA) Roundtable – There has been significant confusion and understandable frustration about the No Surprises Act (NSA) that took effect January 1, 2022. This Risk Management Roundtable will focus specifically on the NSA, and participants are encouraged to raise their own questions and concerns for discussion. The webinar is free to Trust policyholders and provides 1 hour of CE. For more information, visit https://parma.trustinsurance.com/Workshops-Webinars/Virtual-Webinar-Series/risk-management-roundtables.
  • Forensics Roundtable – Despite oftentimes intentional effort to avoid legal entanglements, many psychologists will encounter situations that require them to interface with the legal system (e.g., subpoenas for records, requests for testimony or third-party letters, clients involved in lawsuits unrelated to treatment, custody/divorce battles). Such situations not only raise clinician anxiety, but also present potential risks for psychologists and clients alike. This Risk Management Roundtable will focus specifically on these challenging situations and provide clear risk management strategies for successfully managing such stressful circumstances. The webinar is free to Trust policyholders and provides 1 hour of CE. For more information, visit https://parma.trustinsurance.com/Workshops-Webinars/Virtual-Webinar-Series/risk-management-roundtables.
  • National Practice Conference 2022 – The National Practice Conference will return to the Conrad in Washington, DC, on November 10-12, 2022. The conference will include two pre-conference tracks to choose from aimed at providing psychologists with the most up-to-date risk management and clinical information. For more information, please visit www.nationalpracticeconference.org.

The Trust will continue its mission to anticipate and meet the unique needs of psychologists, allied and other health professionals, and health care groups and organizations by identifying, developing, and offering insurance, financial security products, and education and training for risk management and the business of practice. Click on one of our insurance and financial security programs below to learn more:

Professional Liability
Student Liability
Research & Academician Liability
Business Office
Income Protection (Disability)
Group Term Life
Office Overhead
Auto, Home and Renters
Pet Health
Cyber Enterprise
Allied Healthcare
Long Term Care
Retirement Planning

Along with our insurance and financial security programs, The Trust through TrustPARMA offers live workshops and on-demand webinars that qualify for continuing education (CE) credits and possible insurance discounts with topics covering ethics and risk management, private practice and more.

We continue to value you as a policyholder, and we thank you for reading this report and catching up on some of The Trust’s goals, activities, and plans. We’re excited about creating and implementing new opportunities for psychologists to be protected and supported through enhanced service provisions, relevant educational resources and consultations, and new financial security products. Thank you for being a part of The Trust Community.

Please send any comments or questions to questions@trustinsurance.com.