The Trust has developed Professional Liability coverage to protect you and your practice from the financial impact of a malpractice lawsuit or licensing board investigation.
The program is continually monitored by the Trustees to ensure that the coverage is broad and meets the ever-changing practice environment. When you're protected by The Trust, you have much more than an insurance policy. You are not just another number at an insurance company. You have a comprehensive professional liability program, backed by a team of practicing psychologists --- your representatives at The Trust.
Highlights of The Trust Sponsored Professional Liability (Malpractice) Insurance Program
Individual Coverage - Through The Trust, you can choose either claims-made or occurrence coverage. You also have your choice of annual liability limits - as much as $2,000,000 for each incident with up to a $6,000,000 annual aggregate*.
There is no limit on the number of claims you can report each year as long as the total dollar amount paid for damages isn't more than your selected annual aggregate liability limit.
Coverage for Group Practices - If you practice in a group, each member of your group will have his/her own personal aggregate liability limit. Your protection will not be diminished as a result of claims paid against an associate. This versatile coverage can be designed to meet the needs of a variety of practice situations.
Advocate 800 Program - We're the only company that provides student, early career, and licensed psychologists confidential ethical and risk management consultations. You'll get unlimited access to our Advocate 800 Program, a service that provides direct access to licensed psychologists with extensive legal, ethical and risk management expertise at no additional cost.
Pays Legal Fees and Court Costs - From the first day a claim is filed to the day it is resolved, The Trust Professional Liability insurance program pays your legal fees and court costs. This is in addition to your limit of liability and does not diminish the amount of money you have to pay in damages if awarded. You'll also get up to $500 a day ($15,000 each incident) to replace earnings lost if you are away from your practice to appear in court. The Trust policy even pays reasonable expenses such as transportation and hotel stays if you are required to appear in court. (Subject to the terms and conditions of the policy.)
Pays Defense Costs for Appearances before Regulatory Boards - The Trust Professional Liability insurance program pays up to $5,000 for legal defense costs when you receive notice during your policy period of a proceeding before a state licensing board or other governmental regulatory body. You also have the opportunity to increase coverage limits to $25,000/$7,500, $50,000/$10,000, $75,000/$12,500, or $100,000/$15,000 of Licensing Board and Other Governmental Regulatory Defense coverage for a small additional premium.
Other Governmental Regulatory Board Defense - The Trust Professional Liability insurance program pays up to $5,000 for legal defense costs when you receive notice during your policy period of an investigation before the United States Department of Health and Human Services (HHS), its designee or any state, for either alleged HIPAA Privacy Rule violations or Medicare and Medicaid payment investigations. You also have the opportunity to increase coverage limits up to $15,000 when you increase your licensing board defense for a small additional premium.
Professional Boards - You're covered for professional services rendered as a psychologist and member of a formal accreditation, ethics, peer review, licensing, standards review or similar professional board or committee of a hospital, health facility, educational institution, professional organization, Health Maintenance Organization or Health Plan.
Sexual Misconduct - Pays your defense costs and other claim expenses if you are accused of sexual misconduct.
Advertising Injury - You are protected against accusations of libel, slander, defamation, violation of right of privacy, piracy, false advertising, or unfair competition, or copyright infringement which results from your advertising.
Personal Injury - Covers you for personal injury claims arising from your practice. You are protected against allegations of false arrest, detention, confinement, imprisonment or malicious prosecution; the publication or utterance of libel, slander, or other defamatory or disparaging materials; publication or utterance in violation of an individual's right of privacy; wrongful entry or eviction; or other invasion of the right of private occupancy.
Premises Liability - Your Professional Liability insurance through The Trust covers you up to policy limits for claims resulting from accidents such as slip and fall injuries which occur on your practice premises and as a result of your practice - even if your office happens to be in your home.
Premises Medical Payment - Separate from premises liability, your Trust policy will pay up to $2,500 for injuries on your premises regardless of fault and before there is a claim. This can help avoid small injuries becoming larger claims.
Deposition Expenses - Can reimburse you for up to $5,000 in legal expenses if you receive a subpoena for a deposition and you were not hired as an expert in the case.
Wrongful Employment Practices - Provides up to $5,000 if you are sued by an employee or ex-employee for discriminatory types of practices such as wrongful termination. You can increase your coverage to $15,000 for $15 per employee.
Additional Claims-Made Coverage
Free Unrestricted Unlimited Tail (or ERP) Coverage - If you permanently retire from the practice of psychology, become disabled or die, after you have been covered through The Trust Professional Liability claims-made program you qualify for a free unrestricted unlimited "tail" or Extended Reporting Period. Often referred to as "tail coverage," the Extended Reporting Period protects you from claims filed after your policy has expired and which arise from incidents that happened while your Trust Sponsored Professional Liability claims-made policy was in force.
Prior Acts Coverage - You may also obtain prior acts coverage from The Trust Professional Liability insurance program. By purchasing prior acts coverage you can transfer your past years' risk from another claims-made policy to a Trust Sponsored Professional Liability policy. This will protect you against claims arising from unknown incidents which happened while your other coverage was in force but were not filed until your Trust Professional Liability claims-made coverage was in effect. This means all of your past years coverage will be with your current policy so you do not need to buy the tail when switching between claims-made policies.
The Trust monitors rates to make certain your premiums remain fair and competitive. In addition, independent actuaries audit The Trust rates to verify that your rates are reasonable and adequate to ensure the long term financial stability of the program.
With The Trust Professional Liability insurance program, you pay for only the principals, employees or independent contractors you have at the time you renew your coverage each year. You pay nothing for clerical workers or any staff you may add during your coverage year. (Any reorganizations of your practice during the year, like a change in ownership, do require reporting and perhaps a revision to your coverage.)
Payment Options - You can reduce the impact of your annual premium with The Trust program's convenient, interest free, quarterly (if annual premium exceeds $800) or semi-annual (if annual premium exceeds $600) payments.
Premium Discounts - The Trust Professional Liability insurance program also offers the following premium discounts (subject to CE documentation):
- Continuing Education Premium Discounts:
- 35% Part-Time Discount: If you deliver psychological services only 20 hours or less a week, you are eligible for a 35% discount.
- 35% New Graduate Discount: If you're in post-graduate training, but have yet to obtain licensure, you are eligible for a 35% discount the first year, 25% the second year, and 15% the third year (cannot be combined with the part-time discount).
- 10% Switchover Discount: If you're claims-free and switch your professional liability coverage from another insurer to The Trust, you are eligible for a 10% discount.
- 5% Multi-Policy Discount: If you have both your professional liability and business office insurance with The Trust, you are eligible for a 5% discount.
- Group Discounts: If your practice has 3 or more practitioners, you're eligible for a 4-15% discount.
The Trust Professional Liability insurance program is continually reviewed by The Trust Board of Trustees. The Trustees include psychologists experienced in both practice and insurance needs as well as independent insurance experts.
Responding to your professional requirements is The Trust's top priority. The Trustees continuously review the Professional Liability program to ensure that you have broad-based coverage at competitive rates.
The Trust also provides a Case Review process to seek a fair resolution if you are ever denied coverage or payment of a claim.
Your Insurance Company and The Program Administrator
Your Trust Professional Liability insurance program is Underwritten by ACE American Insurance Company, Philadelphia, PA and its U.S.-based Chubb underwriting company affiliates (rated A++ (Superior) by A.M. Best). Administered by Trust Risk Management Services, Inc. Policy issuance is subject to underwriting. Trust Risk Management Services, Inc. is a wholly-owned subsidiary of The Trust.